IMF team to 'visit' Pakistan on Feb 24 for climate fund talks

ISLAMABAD: An International Monetary Fund (IMF) team is scheduled to visit Pakistan on February 24 to discuss a new climate loan program, ARY News reported citing sources.

According to sources, this program aims to help Pakistan address the impacts of climate change, which have resulted in staggering economic losses, including a $30 billion loss two years ago.

Sources revealed that the new loan program will focus on reducing the effects of climate change and supporting Pakistan’s climate goals. The IMF will also review Pakistan’s climate actions and objectives under the program. Discussions on the new program are expected to continue until the first week of March.

This visit follows a successful meeting between Prime Minister Shehbaz Sharif and IMF Managing Director Kristalina Georgieva in Dubai. The IMF has been supporting Pakistan’s economic development and reform efforts through various programs, including the Extended Fund Facility (EFF) arrangement.

Also read: IMF agrees for removal of 18pc GST on aircraft, NA body informed

The development came after PM Shehbaz Sharif’s meeting with Managing Director of the International Monetary Fund Kristalina Georgieva wherein both sides discussed Pakistan’s ongoing IMF program and the macroeconomic stability achieved through the government’s comprehensive reform agenda.

The meeting held on the sidelines of the World Governments Summit (WGS) 2025 in Dubai, highlighted Pakistan’s commitment to implementing structural reforms and maintaining fiscal discipline, which had been instrumental in restoring economic stability and would be critical in driving sustainable growth, according to a PM Office press release issued Wednesday.

Prime Minister Shehbaz Sharif underscored the progress made under the IMF’s Extended Fund Facility (EFF), which has played a key role in stabilizing Pakistan’s economy; setting it on the path of long-term recovery.

Climate fund

On September 27, Pakistan requested an additional $1.5 billion loan from IMF to combat the impacts of climate change in the country.

During a meeting with IMF Managing Director Kristalina Georgieva, Prime Minister Shehbaz Sharif discussed the need for urgent action to control climate change in Pakistan.

The loan will support Pakistan’s Climate Resilience and Sustainability Facility, which aims to promote economic stability and sustainable development in the country.

It is important to mention here that the International Monetary Fund (IMF) Executive Board on September 25 approved Pakistan’s 37-month Extended Fund Facility (EFF) arrangement of about US$7 billion.

The 37-month Extended Fund Facility arrangement aims to support Pakistan’s economic stability and growth, with key policy goals including sustainable public finances, reduced inflation, and strengthened external buffers.