Finance Minister Muhammad Aurangzeb has outlined the government’s plans to tackle Pakistan’s economic challenges and the pressing issue of climate change.
In a keynote speech at a recent ceremony, he announced that the staff-level agreement with the International Monetary Fund (IMF) is expected to be approved by the IMF Executive Board by the end of this month. Following this approval, climate financing will be discussed next.
“Climate financing will also be discussed after the agreement is approved by the IMF Executive Board,” said Aurangzeb. He added that these discussions will take place with the IMF and the World Bank during the annual meeting in October.
“Pakistan is included in the list of countries affected by climate change,” he emphasized, underscoring the urgency of addressing environmental issues besides controlling population.
Aurangzeb highlighted the significant challenge posed by Pakistan’s rapidly growing population, describing it as a “population bomb” that has already exploded. He stressed the need for effective planning to mitigate the impacts of both population growth and climate change.
“Pakistan has to make effective plans for climate change financing from the IMF and World Bank,” he said.
The finance minister outlined several key areas that require improvement to bolster the country’s economic situation, including the budget, tax measures, energy sector, and living standards. He emphasized that the ministries of finance and climate change, the IMF, and the World Bank are collaborating closely to enhance the monitoring of climate change projects.
“Monitoring of climate change projects should be improved in collaboration with IMF and World Bank,” Aurangzeb stated. He called for the development of important policies based on climate change to avoid its adverse effects and stressed the vital role of the private sector in improving Pakistan’s economy.
Aurangzeb concluded by highlighting the government’s commitment to creating effective climate change financing plans with support from the IMF and World Bank. He urged all stakeholders to contribute to the national effort to address these pressing issues.