Pakistan’s Finance Minister, Muhammad Aurangzeb, announced that discussions with the International Monetary Fund (IMF) regarding climate resilience funding have been “very constructive,” with the IMF responding “very positively” to Pakistan’s request for up to $1.5 billion. This funding aims to bolster the nation’s efforts against climate-related challenges.
Concurrently, Pakistan introduced its first rupee-denominated green bond, the Parwaaz Green Action Bond, valued at Rs 1 billion ($3.6 million). This initiative seeks to attract capital for environmentally sustainable projects and enhance the country’s green investment landscape.
The nation continues to grapple with the aftermath of the 2022 floods, which caused extensive damage and highlighted the urgency for climate resilience. Despite international pledges exceeding $10 billion for flood recovery, Pakistan has received only about one-third of the promised funds, underscoring the critical need for effective climate financing mechanisms.
