IMF Announces $1.3 Billion Climate Financing for Pakistan

The International Monetary Fund’s (IMF) Director of Communications, Julie Kozik, has announced that discussions on climate financing between Pakistan and the IMF were successful, with Pakistan set to receive $1.3 billion.

In a press conference, Kozik stated that separate talks were held regarding the Extended Fund Facility (EFF) program and climate financing, which will provide Pakistan with dedicated funds for both areas. Under the climate financing agreement, Pakistan will receive $1.3 billion over the next 28 months.

Kozik also mentioned that a loan agreement was reached with Pakistan in September for the disbursement of $7 billion in installments. Furthermore, she added that a staff-level agreement was made on March 25 for the release of the next tranche. After a successful first review of the EFF program, Pakistan is expected to receive an additional $1 billion following successful negotiations.

This announcement comes shortly after the IMF confirmed that the staff-level agreement had been finalized for the release of the next installment for Pakistan.