Islamabad (TDI): An International Monetary Fund (IMF) mission will arrive in Islamabad next week to discuss around $1 billion in climate financing for Pakistan, an adviser to the Pakistan finance minister said on Thursday.
The mission would visit from February 24 to 28 for a “review and discussion” of climate resilience funding, Advisor to Finance Minister Khurram Schehzad told Reuters.
The disbursement will take place under IMF’s Resilience and Sustainability Trust, established in 2022 to provide long-term concessional cash for climate-related spending, such as adaptation and transitioning to cleaner energy.
Pakistan made a formal request in October 2024 for around $1 billion in funding from the IMF under the trust, to address the country’s vulnerability to climate change.
Pakistan’s economy is on a long path to recovery after being stabilised under a $7 billion IMF Extended Fund Facility it secured late last year.
Also Read: IFC Lauds Pakistan’s IMF Engagement, Economic Reforms
Another IMF mission will visit Pakistan in the first week of March for a first review of that facility, Khurram Schehzad said.
The Global Climate Risk Index places Pakistan among the nations most vulnerable to climate change.
Also Read: Pakistan Seeks $1bn IMF Climate Funding
Floods in 2022, which scientists said were aggravated by global warming, affected at least 33 million people and killed over 1,700.
Pakistan’s economic struggles and high debt burden impinged its ability to respond to the disaster.
