Warning: session_start(): open(/opt/alt/php72/var/lib/php/session/sess_85d2299b9b0560c63d8ceef7640722cc, O_RDWR) failed: Disk quota exceeded (122) in /home/shweuqjw/awajludhianaki.org/wp-content/plugins/jnews-social-login/class.jnews-social-login.php on line 83

Warning: session_start(): Failed to read session data: files (path: /opt/alt/php72/var/lib/php/session) in /home/shweuqjw/awajludhianaki.org/wp-content/plugins/jnews-social-login/class.jnews-social-login.php on line 83
IMF To Begin Discussions On Pakistan's Request For Climate Resilience Loan | World News - Awaj Ludhiana Ki
Wednesday, May 14, 2025
  • Home
  • National
  • International
  • Movies
  • Technology
  • Business
  • Fitness
  • Lifestyle
  • Punjab
  • Contact us
No Result
View All Result
No Result
View All Result
Home International

IMF To Begin Discussions On Pakistan’s Request For Climate Resilience Loan | World News

by author
February 24, 2025
in International
0
IMF To Begin Discussions On Pakistan’s Request For Climate Resilience Loan | World News
0
SHARES
14
VIEWS
Share on FacebookShare on Twitter


A technical mission from the International Monetary Fund (IMF) will begin discussions on Monday on Pakistan’s request for a loan on climate resilience, a media report said.

This will be followed by a policy review early next week to assess the authorities’ performance under the ongoing USD 7 billion Extended Fund Facility (EFF), Dawn News reported.

Pakistan had requested USD 1 billion to address the impact of climate change. The technical team will mainly engage with key ministries, including planning, finance, climate change, petroleum, water resources, the Federal Board of Revenue, disaster management agencies, and provincial governments.

Without going into specifics, the IMF resident representative in Islamabad, Mahir Binici, confirmed the engagements spanning over three weeks from now.

“An IMF staff team is scheduled to visit Pakistan in early to mid-March for discussions around the first review under Pakistan’s Extended Fund Facility-supported programme and the authorities’ request for assistance under a Resilience and Sustainability Facility (RSF) arrangement. In this regard, a technical team will be in Pakistan starting in late February to discuss technical issues related to a possible RSF arrangement,” he said.

Official sources said the relevant authorities, particularly the ministries of planning and finance, had prepared documentation for the Climate-Related Public Investment Management Assessment (C-PIMA) for coming budgets in line with policy advice of the IMF and the World Bank.

Talking about the first biannual review of the 39-month EFF, the sources said Pakistan had completed all but one structural benchmark as of now. However, Pakistan missed several indicative targets given the changing domestic and international macroeconomic conditions.

The only outstanding benchmark pertains to the required amendments to the Sovereign Wealth Fund (SWF) by the end of December. However, other sub-conditions of these entities regarding governance structure and financial safeguards have already been met.

The funding under RSF is made available to nations who commit high-quality reforms to build resilience against climate catastrophes through adaptation and is repayable over 30 years, including a 10-year grace period, and is normally cheaper than EFF terms.

In October last year, Pakistan formally requested the IMF to top up its USD 7 billion EFF with another USD 1.2 billion RSF.

The Fund had already advised Pakistan to invest 1 percent of GDP per year (over Rs 1.24 trillion at the current year’s estimate) in climate resilience and adaptation reforms to be ready to fight repeated and increasing cycles of extreme weather conditions, particularly floods and sustain economic growth and reverse inequalities.

Such an investment in climate-adaptive infrastructure can reduce the negative growth impact of a natural disaster shock by one-third while ensuring a quicker and more complete recovery, the IMF suggested.

The IMF noted that about 1 percent of GDP investment in adaptation infrastructure would increase Pakistan’s climate resilience and buffer climate shocks.

These investments would reduce the growth impact of a natural disaster shock by about a third and return Pakistan to its previous GDP level more quickly.

According to the IMF, Pakistan’s living standards have been declining for decades, and despite a similar starting point in the early 1980s, Pakistanis’ incomes had stagnated and fallen behind regional peers.

At the same time, poverty rates remained elevated, and social development indicators also lagged behind those of peers.

This had been accompanied by weak human capital outcomes, low fiscal capacity, protection for favoured industries, and a large state footprint. Contributions to growth from human capital and efficiency gains were low, and health and education indicators, while improving in recent years, still lag behind regional and lower-middle-income peers. Human capital spending as a share of GDP has steadily declined.

The consequences of these structural weaknesses have been exacerbated by increasingly high climate vulnerability.

“Pakistan’s climate faces a rate of warming significantly higher than the global average. This will bring increasingly greater climate variability and extreme events, including reduced water availability, more severe and longer droughts, accelerated glacial melt, more variable and intense monsoons accompanied by floods and landslides, and sea-level rise encroaching on coastal settlements and infrastructure,” it said.

The negative macroeconomic consequences of such a shift have already been felt. Climate and weather-related disasters, which have increasingly been exacerbated by climate change, resulted in USD 29.3 billion in economic losses over 1992-2021, equivalent to 11.1 percent of 2020 GDP, which slowed developmental gains.

More recently, the floods of 2022 killed 1,700 people, displaced eight million, increased the poverty rate by up to four percentage points, and brought economic losses equivalent to 4.8 percent of FY22 GDP, with reconstruction needs estimated at 1.6 times the budgeted national development expenditure of FY23.

The disaster was exacerbated by Pakistan’s weak urban planning, infrastructure, and water resource management, according to Dawn.



Source link

Related posts

She’s 115 And Still Smiling — UK’s Oldest Woman Reveals Her Longevity Secret, And It’s Not What You Think | World News

She’s 115 And Still Smiling — UK’s Oldest Woman Reveals Her Longevity Secret, And It’s Not What You Think | World News

May 4, 2025
Trump Threatens Iran Oil Sanctions After Next Round Of Indirect Talks Postponed | World News

Trump Threatens Iran Oil Sanctions After Next Round Of Indirect Talks Postponed | World News

May 2, 2025
Previous Post

Kangana Ranaut slams Mrs. indirectly; blames ‘Bollywood films for distorting marriage’ : Bollywood News

Next Post

Regulatory bump may stall Tesla entry into India, ET Auto

Related Posts

She’s 115 And Still Smiling — UK’s Oldest Woman Reveals Her Longevity Secret, And It’s Not What You Think | World News
International

She’s 115 And Still Smiling — UK’s Oldest Woman Reveals Her Longevity Secret, And It’s Not What You Think | World News

May 4, 2025
Trump Threatens Iran Oil Sanctions After Next Round Of Indirect Talks Postponed | World News
International

Trump Threatens Iran Oil Sanctions After Next Round Of Indirect Talks Postponed | World News

May 2, 2025
General Asim Munir’s Foolproof ‘Musharraf Model’ Plan: Signs Of Coup In Pakistan As Army Tightens Grip On Sharif Government – Report | World News
International

General Asim Munir’s Foolproof ‘Musharraf Model’ Plan: Signs Of Coup In Pakistan As Army Tightens Grip On Sharif Government – Report | World News

May 1, 2025
Indo-Pak Tension: After EAM Jaishankar, Now Defence Minister Rajnath Singh Speaks With US counterpart Pete Hegseth | India News
International

Indo-Pak Tension: After EAM Jaishankar, Now Defence Minister Rajnath Singh Speaks With US counterpart Pete Hegseth | India News

May 1, 2025
After Days Of Hiatus, US, Ukraine Sign Rare Earth Minerals Deal | World News
International

After Days Of Hiatus, US, Ukraine Sign Rare Earth Minerals Deal | World News

May 1, 2025
UK Must Stand With India: Indian-Origin MP Priti Patel Condemns Pahalgam Attack In Parliament | WATCH | India News
International

UK Must Stand With India: Indian-Origin MP Priti Patel Condemns Pahalgam Attack In Parliament | WATCH | India News

May 1, 2025
Next Post
Regulatory bump may stall Tesla entry into India, ET Auto

Regulatory bump may stall Tesla entry into India, ET Auto

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Supply-side issues are behind us, says M&M, Auto News, ET Auto

Supply-side issues are behind us, says M&M, Auto News, ET Auto

5 years ago
Record IPO run has I-bankers laughing their way to bank with highest fee of $1.1 bn in 2021

Record IPO run has I-bankers laughing their way to bank with highest fee of $1.1 bn in 2021

3 years ago
‘Deeply honoured’ at being awarded Legion of Merit by US President Donald Trump: PM Narendra Modi | India News

‘Deeply honoured’ at being awarded Legion of Merit by US President Donald Trump: PM Narendra Modi | India News

4 years ago
PAC-MAN plus Nord 2 = a match made in gaming heaven

PAC-MAN plus Nord 2 = a match made in gaming heaven

3 years ago

BROWSE BY CATEGORIES

  • Animals
  • Architecture
  • Automobiles
  • Business
  • Culture
  • Fitness
  • International
  • Lifestyle
  • Movies
  • National
  • Sports
  • Technology
  • Travel

BROWSE BY TOPICS

Architecture culture Fitness indian architecture indian culture indian culture and heritage indian news lifestyle national news Technology technology news Travel travelling

About Us

Awaj Ludhiana Ki

Address

2667/3, Kishore Nagar, Tajpur & Jail Road, Ludhiana – 141008

Recent News

  • Akashteer Triumphs: India’s AI-Powered Air Defence Thwarts Pakistan’s Drone And Missile Strikes | India News
  • PVR INOX reports 9% box office dip in FY25; Hindi revenues down 26%, Hollywood by 28% : Bollywood News
  • Forget S-400! India May Soon Go For Russian S-500 To Boost Its Air Defence | India News
  • Beyond S-400: India’s Legacy Air Defence Systems That Took Down Pakistani Drones And Missiles | India News
  • EXCLUSIVE: Lisa Mishra CONFIRMS Ananya Panday-starrer Call Me Bae Season 2 to start shoot this year: “Everyone is SUPER EXCITED to be back on sets”; BREAKS silence on possibility of The Royals Season 2 : Bollywood News

Category

  • Animals
  • Architecture
  • Automobiles
  • Business
  • Culture
  • Fitness
  • International
  • Lifestyle
  • Movies
  • National
  • Sports
  • Technology
  • Travel

Search

No Result
View All Result

Email

contact@awajludhianaki.org

  • About
  • Advertise
  • Careers

Copyright © 2019 Awaj Ludhiana Ki or it's affiliates | Website by Awaj Ludhiana Ki Team

No Result
View All Result
  • Home
  • Contact us
  • Animals
  • Architecture
  • Automobiles
  • Business
  • Culture
  • Fashion
  • Fitness
  • Food
  • International
  • Lifestyle
  • Movies
  • National
  • Sports
  • Technology
  • Travel
  • Punjab

Copyright © 2019 Awaj Ludhiana Ki or it's affiliates | Website by Awaj Ludhiana Ki Team

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In