The State Bank of Pakistan (SBP) has announced the receipt of a $500 million policy-based loan from the Asian Development Bank (ADB), which will be added to Pakistan’s foreign exchange reserves next week.
Approved on October 29 under the Climate and Disaster Resilience Enhancement Program (CDREP), the loan is designed to strengthen Pakistan’s ability to tackle climate change and disaster risks. The program focuses on improving institutional planning, boosting preparedness and response systems, encouraging inclusive investments in disaster risk reduction, and enhancing disaster risk financing through a layered approach.
At the COP 29 Summit in Baku, Azerbaijan, Pakistan reiterated its commitment to protecting children and youth from the harmful effects of climate change. Leaders signed the Declaration on Children, Youth, and Climate Action, pledging to prioritize the rights and needs of young people in climate-related policies.
Romina Khurshid Alam, the Prime Minister’s Coordinator on Climate Change, highlighted Pakistan’s commitment to incorporating child rights into its climate policies, including the Nationally Determined Contributions (NDC) 3.0, which will be a central focus at COP30 in Brazil next year. This initiative is crucial for safeguarding the futures of over 112 million children and young people in Pakistan who are increasingly vulnerable to climate-induced disasters and displacement.
