Pakistan expected to get $1b climate financing

The International Monetary Fund (IMF) is expected to provide Pakistan with $1 billion in climate financing following the first economic review.

According to sources in the Ministry of Finance, the economic team was given an indication during the recent discussions with the IMF that climate financing could be made available after completing the set targets in the upcoming economic review.

If granted, this would make the current loan programme the largest in the country's history.

Sources said the first economic review under the loan agreement will take place in March between the IMF mission and Pakistan's economic team.

However, significant progress on climate financing has not been made during recent discussions. The IMF has tied the provision of climate financing to meeting certain implementation targets.

The IMF has agreed with the proposal to allocate 1% of the country's GDP annually for initiatives related to addressing climate change and natural disasters. Under the National Adaptation Plan, steps for establishing an early warning system are also part of the conditions.

Meanwhile, Global Climate Change Impact Studies Centre (GCISC) Executive Director Arif Goheer on Thursday emphasized the urgent need to transform agriculture systems to enhance resilience and food security amidst climate challenges.

Pakistan's lead negotiator at COP29 global climate summit, Goheer underscored the importance of sustainable farming practices.