Pakistan and IMF to separately discuss $1 billion climate financing in coming months

Pakistan and the International Monetary Fund (IMF) will enter negotiations in the coming months to secure $1 billion in climate financing, an official shared that with nukta.

Pakistan is currently facing challenges in obtaining climate-related funding aside from the $7 billion Extended Fund Facility loan approved by the IMF in September 2024.

Pakistan has assured the IMF that it will allocate 1% of its GDP to climate-related projects within the country.

Recently, at the COP29 conference, Pakistan requested $2 billion in climate financing from developed countries to support initiatives aimed at combating natural disasters and implementing early warning systems under the National Adaptation Plan.

An official said these funds are crucial for Pakistan to address the pressing issues of climate change and enhance its resilience to environmental challenges.