Islamabad (TDI): International Monetary Fund Director of Communications Julie Kozack said on Friday that Pakistan will receive $1.3 billion in climate financing.
Speaking at a media conference, Kozack said that discussions with Pakistan covered both the Extended Fund Facility and climate financing.
Kozack further said that Pakistan’s 37-month EFF program, approved in September 2024, remains in place.
Earlier on Wednesday, Prime Minister Shehbaz Sharif confirmed the new $1.3 billion agreement with the IMF during a Cabinet meeting in Islamabad.
Subject to approval by the IMF board, Islamabad will receive $1.3 billion under a new climate resilience loan program, which will span 28 months.
Moreover, a staff-level deal will release $1 billion for Pakistan under the $7 billion bailout program that was agreed upon in 2024.
Nathan Porter, IMF mission chief to Pakistan, said in a statement that the staff-level agreement covers both the first review of the 37-month Extended Fund Facility and the new 28-month arrangement under the IMF’s Resilience and Sustainability Trust.
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The total access to funds under the new arrangement amounts to about $1.3 billion over the upcoming 28 months.
Porter also noted that Islamabad has made considerable progress in restoring macroeconomic stability and rebuilding confidence despite challenging global conditions over the past eighteen months.
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Once approved by the IMF board, Islamabad will have access to around $1 billion under the EFF, bringing the total disbursements under the program to about $2 billion.
