IMF team expected to visit Pakistan on Feb 24 for climate financing talks

A team of the International Monetary Fund (IMF) is expected to visit Pakistan on February 24 to discuss climate resilience financing, Nukta has learnt.

A separate IMF team is expected to arrive by March 6 for the first review of the $7 billion loan program.

Pakistan is one of the countries most vulnerable to climate change, incurring tremendous losses in recent years. Two years back, the country suffered losses amounting to $30 billion after a vast area was inundated by floods, sweeping standing crops, and destroying several houses, schools, and other buildings.

The IMF team will assess Pakistan's climate initiatives and objectives, with discussions expected to continue until early March.

This development follows a meeting between Prime Minister Shehbaz Sharif and IMF Managing Director Kristalina Georgieva in Dubai, where they discussed Pakistan's ongoing IMF program and economic reforms. The prime minister emphasized the country’s progress under the Extended Fund Facility (EFF), which has been pivotal in stabilizing the economy.

On September 27, Pakistan formally requested an additional $1.5 billion from the IMF to strengthen climate resilience and sustainable development under its Climate Resilience and Sustainability Facility.

The IMF Executive Board had earlier approved a 37-month, $7 billion EFF arrangement on September 25 to support Pakistan's economic recovery, public finance sustainability, and inflation control.