ISLAMABAD – Pakistan will engage with the International Monetary Fund (IMF) with plan of increasing the bailout package to $8 billion.
Reports in local media said Asian nation is looking into several various options to increase the funds. The upcoming government will push to increase IMF fund under the specific quota of special rights.
The country of 240 million is indeed vulnerable to the impacts of climate change as the country faces a range of climate-related challenges, including intensity of extreme weather events like floods, droughts, and heatwaves.
Pakistan will discuss climate finance with global lender to expand Expanded Fund Facility program. International Monetary Fund is known for its affordable long-term financing for countries dealing with climate change and pandemics.
Under new consideration, Islamabad can get $8 billion in EFF, considering the specific quota available under Special Drawing Rights.
Pakistan needs $25 billion loans this year as US based lender revised foreign loan requirements to $25 billion for this fiscal year.
IMF also lowered its inflation projection for the country to 22.8% for this fiscal year — reducing it from 25.9pc.
