Islamabad, Aug 06, 2024: Finance Minister Muhammad Aurangzeb has outlined the government’s strategy to address Pakistan’s economic challenges and the urgent issue of climate change.
In a keynote speech at a recent event, he announced that the staff-level agreement with the International Monetary Fund (IMF) is expected to receive approval from the IMF Executive Board by the end of this month. Following this approval, discussions on climate financing will commence.
“Climate financing will be discussed after the IMF Executive Board approves the agreement,” Aurangzeb said. He added that these discussions will take place with the IMF and the World Bank during their annual meeting in October.
Aurangzeb emphasized Pakistan’s inclusion in the list of countries severely impacted by climate change, highlighting the urgency of addressing environmental issues in conjunction with population control.
Aurangzeb highlighted the significant challenge posed by Pakistan’s rapidly growing population, describing it as a “population bomb” that has already exploded. He stressed the need for effective planning to mitigate the impacts of both population growth and climate change.
“Pakistan needs to develop effective plans for climate change financing with support from the IMF and World Bank,” he said.
The finance minister outlined several key areas that require improvement to strengthen the country’s economic situation, including the budget, tax measures, energy sector, and living standards. He emphasized that the ministries of finance and climate change, the IMF, and the World Bank are collaborating closely to enhance the monitoring of climate change projects.
“Monitoring of climate change projects should be improved in collaboration with the IMF and World Bank,” Aurangzeb stated. He called for the development of essential policies based on climate change to avoid its adverse effects and stressed the vital role of the private sector in improving Pakistan’s economy.
Aurangzeb concluded by underscoring the government’s commitment to creating effective climate change financing plans with support from the IMF and World Bank. He urged all stakeholders to contribute to the national effort to address these pressing issues.