A recent International Monetary Fund (IMF) mission reviewed Pakistan’s climate project for financing under the Resilience and Sustainability Facility (RSF). The review is a step towards offering approximately $1 billion of concessional climate financing to Pakistan under the Resilience and Sustainability Trust (RST).
The IMF mission team held meetings with Planning Division officials and representatives from every province to assess the extent to which climate resilience is being integrated into development projects.
The provincial governments assured the IMF team that they are using the project’s planning guide, which has climate resilience provisions that are necessary.
Khyber Pakhtunkhwa (KP) briefed the IMF team on its achievements, detailing the function of its Climate Change Cell. This specialized department screens all development projects for climate resilience. KP also told the IMF that it is establishing a Climate Action Board to more effectively tackle climate-related problems.
The IMF team will continue talking to Pakistan for another three weeks as they move towards an agreement on the funding.
It should be noted as well that Pakistan asked the IMF for climate financing last October so that climate change adaptation efforts will be enhanced.
