International Monetary Fund (IMF) Deputy Managing Director Kenji Okamura met with Pakistan’s economic delegation, headed by the finance minister, at the IMF and World Bank’s annual meetings.
$1.5 to $2 billion in climate finance was sought by the Pakistani delegation in order to lessen the effects of environmental change in the nation. Officials from the IMF responded by promising to take the request into consideration.
The governor and finance secretary of the State Bank of Pakistan were among the important authorities who attended the meeting, which discussed a variety of economic topics. According to sources, the Pakistani side explained to IMF representatives how to boost financial resources by broadening the tax base, bringing provincial agricultural income taxes into line with federal taxes, balancing subsidies, and looking into measures to lower energy prices.
Actions pertaining to the continuation of prudent financial and external sector policies and the acceleration of private sector development were also considered.
For long-term economic stability, the IMF Deputy MD underlined the necessity and significance of Pakistan continuing to carry out the IMF’s proposed reforms.
Separately, the delegation from Pakistan met with IMF Director Jihad Azour and conveyed their appreciation for the IMF’s assistance in stabilizing Pakistan’s economy by approving the $7 billion Extended Fund Facility (EFF). Azur reaffirmed how critical it is to uphold reforms, ensure financial stability, and work toward income growth.
Additionally, in Washington, DC, the Pakistani economic team met with members of Alvarez and Marsal to examine ways to reach global capital markets and interact with external creditors in order to obtain the money they need.
In response to the growing challenges brought on by climate change, which has had a significant negative impact on its agricultural sector and economy as a whole, Pakistan is urgently seeking climate financing.
