Pakistan is set to host two policy-level missions from the International Monetary Fund (IMF) for discussions on securing over $1 billion in additional climate resilience financing and reviewing the ongoing $7 billion Extended Fund Facility (EFF), according to a news report.
This comes as a technical mission is already in the country assessing judicial and regulatory systems.
An IMF staff mission on climate resilience financing will arrive on February 24 to discuss Pakistan’s request for over $1 billion under the Resilience and Sustainability Facility (RSF).
The RSF offers relatively cheaper financing with a 30-year repayment period, including a 10-year grace period, for countries committing to high-quality climate adaptation reforms.
A second mission is expected in the first week of March to conduct the first biannual performance review of the $7 billion EFF.
In October last year, Pakistan formally requested the IMF to supplement its EFF with an additional $1.2 billion under the RSF. The government is working to fulfill pending commitments, including a recent cabinet-approved mechanism for publishing the assets and tax returns of top government officials.
The confirmation of these visits follows Prime Minister Shehbaz Sharif’s meeting with IMF Managing Director Kristalina Georgieva in Dubai on the sidelines of the World Governments Summit, where he sought the Fund’s support for energy sector reforms.
The IMF has already advised Pakistan to allocate 1 percent of its GDP annually—amounting to over Rs1.24 trillion this year—for climate resilience and adaptation efforts to address the impact of extreme weather conditions.
