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Finance Minister Muhammad Aurangzeb addresses a press conference in Islamabad on June 13, 2024. —AFP
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Islamabad: Pakistan is ready to receive positive news from the IMF soon, as negotiations enter the final stages without any major obstacles.
Talking to reporters, the minister assured that Pakistan was on the way to meet the goals of the IMF’s economic discipline. He emphasized that dialogue with the global lender is developing easily and that the ongoing talks will end soon.
Aurangzeb pointed to the government’s commitment to economic reforms, adding that Pakistan is following a unanimous financial framework.
He noted that the country is focused on financial responsibility, which will help secure the next destination of funds.
Pakistan and the IMF have made significant progress to reach staff level agreements (SLA) on the first review of the $ 7 billion loan program.
Nathan Porter, Chief of the IMF Mission, said in a statement ending last week: “The IMF and Pakistani authorities have made significant progress on the first review to reach the staff level agreement.”
The IMF team, headed by Porter, was in Pakistan to discuss the possibility of a new management under the first review of Pakistan’s economic program and the flexibility and stability of the lender (RSF) from February 24 to March 14.
The country’s latest debt program, which was received by Prime Minister Shahbaz Sharif last year, has played a key role in strengthening Pakistan’s economy and the government has said that the country is ahead for long -term rehabilitation.
If the IMF approves the first debt review, the country is willing to receive about $ 1 billion as the second installment of the loan package.
Stepped climate financing system
Addressing an incident separately, the Finance Minister talked about the growing challenges arising from climate change. He highlighted the country’s overall threat to the rapid melting of the glaciers, the economic obstacles caused by the fog in Lahore and the country’s overall threat to climate change.
Aurangzeb emphasized the need for a made climate financing system to tackle these risks. He revealed that Pakistan had had a positive conversation with the IMF over the past two weeks about the financial support and destruction of the climate.
He further revealed that international donors have promised Billion 10 billion for flood rehabilitation projects, but Pakistan has struggled to promote implementation projects to fully use this aid. He emphasized the need for practical and viable climate projects to secure funds in the future.
The minister acknowledged that pollution levels are rising and controlling environmental decline has become an important challenge. He confirmed that the Finance Ministry would increase fully cooperation to the Ministry of Climate Change to address these concerns.
Finanman Aurangzeb warned that Pakistan’s water cycle has been badly affected, and inadequate rainfall of winter indicates the growing crisis of the environmental crisis. The Minister emphasized that there are two major risks to climate change and population growth that the country should immediately deal with.
Aurangzeb also mentioned progress in Pakistan’s partnership with the World Bank, especially in the construction of financial support and capacity for climate flexibility. He presented the work done by Everest’s 2 Research Center as a positive step to understand the samples of icy melting and understand their impact on water resources.
Emphasizing the rush of the matter, the Finance Minister called for reducing the project timelines to effectively counter environmental threats. He reiterated that failure to tackle the challenges of climate will yield serious economic results for Pakistan.
