Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, singled out climate change as an existential threat facing Pakistan.
According to a press release issued by the Ministry of Finance, Muhammad Aurangzeb made this statement while addressing the High-Level Dialogue of the Fund for Responding to Loss and Damage (FRLD) on the sidelines of the 2025 WBG/IMF Spring Meetings in Washington.
The finance minister said that Pakistan was the biggest proponent of the Loss & Damage Fund set up at COP28 through an agreement by 198 countries to assist particularly vulnerable developing countries in responding to economic and non-economic loss and damage associated with the adverse effects of climate change, including extreme weather events and slow onset events.
During his address, Aurangzeb underlined the urgency of operationalising the Fund and the importance of integrity of the whole process with adequate checks and balances.
Emphasizing that simplicity and agility should be the guiding principles, the Finance Minister urged the need for speedy disbursements under the Fund unlike the experience of lease developed countries (LDCs) and the most vulnerable countries with the existing climate funds.
To explore the possibility of establishing a trade finance facility, the MIGA Mission visited Pakistan, an effort appreciated by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, who assured full support to facilitate the team’s efforts.
The aforementioned meeting was held between Senator Muhammad Aurangzeb and Mr. Hiroshi Matano, Executive Vice President of MIGA.
He acknowledged the efforts of MIGA in facilitating a negotiated settlement of the Star Hydro Power dispute and assured the full support of the Finance Division in this regard, as per the press release.
He expressed hope that MIGA would approve the deal during the current calendar year.
