IMF Demands Better Climate Adaptation Strategies in Pakistan
The International Monetary Fund (IMF) has called for Pakistan to take climate adaptation actions more seriously to mitigate the effects of natural disasters such as floods and droughts. The IMF’s proposals are directed at the federal and provincial governments to build the resilience of Pakistan against the effects of extreme weather conditions.
The technical mission of the IMF has proposed stricter laws to avoid building along rivers, streams, and forests. They also suggest creating energy-efficient buildings in rural and urban settings. These steps are crucial as part of Pakistan’s climate resilience strategy.
Moreover, the IMF mission is cooperating with the federal and provincial governments to prepare for Pakistan’s application for more than $1 billion in extra climate funding to enhance climate change resilience.
A new IMF mission, headed by Mission Chief Nathan Porter, will arrive in Islamabad on March 3 for a two-week visit to review Pakistan’s performance under the $7 billion Extended Fund Facility (EFF). The mission will also evaluate how Pakistan is dealing with climate-related challenges under the Resilience and Sustainability Facility (RSF).
The IMF mission brought to the foreground that climate adaptation must be the core of government investment strategies. It underlined the significance of disaster risk management, proposing that preparedness take precedence over only rescue and rehabilitation measures.
The government of Pakistan reported that new building codes have been constructed, which provincial governments would soon adopt. The building codes are part of the overall plan to enhance climate resilience.
Senate Panel Worries on River Encroachments
At the same time, the Senate Standing Committee on Water Resources also raised serious concerns regarding continuous encroachments along rivers and watercourses. It has been revealed in a Suparco report that most encroachments in Punjab have yet to be eliminated since August 2024, with major encroachments seen in the Sargodha and Multan irrigation areas.
Federal Flood Commission (FFC) stated that all the encroachments were eliminated before August 2024, but they couldn’t produce any evidence to support this. The committee has asked concerned authorities to liaise with the provinces for the elimination of these encroachments within one month and bring a progress report in the subsequent meeting.
Senator Shahadat Awan cautioned that if these encroachments were not removed before the monsoon season, it would be a criminal act and the responsible people would be punished.
IMF’s Recommendations for Climate Resilience
The IMF has also requested Pakistan to identify key infrastructure assets exposed to climate-related hazards, including floods, heatwaves, and cyclones. These include sectors such as energy, transport, communications, and health. The IMF suggests establishing clear targets and investment strategies for climate adaptation in these sectors.
To be eligible for further funding under the RSF, Pakistan will have to complete measures for integrating climate resilience into sectoral planning and project preparation. This would involve integrating climate resilience into building codes and urban planning regulations in the future.
The RSF funding is accessible for nations that are willing to apply high-quality reforms to enhance climate disaster resilience. The funding takes 30 years to repay with a 10-year grace period and is usually less expensive compared to EFF’s terms of financing.
The IMF has also suggested that Pakistan spend 1% of its GDP annually on climate resilience and adaptation. This spending, which is estimated at more than Rs 1.24 trillion, will enable Pakistan to prepare for the increasing effects of climate change. The IMF thinks this investment will minimize the economic loss from natural disasters and accelerate recovery.
By investing in climate-resilient infrastructure, Pakistan can enhance its ability to withstand climate shocks and maintain long-term economic growth.
