Pakistan has requested an additional $1.5 billion loan from the International Monetary Fund (IMF) to tackle the growing impacts of climate change, according to ARY News.
Prime Minister Shehbaz Sharif met with IMF Managing Director Kristalina Georgieva in New York, where they discussed the urgent need for climate action. The requested loan will support Pakistan’s Climate Resilience and Sustainability Facility, aimed at promoting both economic stability and sustainable development.
The Prime Minister thanked the IMF for its technical assistance and programs that have strengthened Pakistan’s institutions and economic management. Georgieva reaffirmed the IMF’s commitment to supporting Pakistan, highlighting the importance of maintaining economic stability while fostering inclusive and sustainable growth.
The meeting also touched on the need for increased financing to adapt to climate change. The Prime Minister agreed that Pakistan’s Finance Minister would address this critical issue at the IMF’s Annual Meetings in October.
This request follows Pakistan’s $7 billion loan program under the Extended Fund Facility, of which the first $1 billion tranche has already been released.