Pakistan is likely to receive $200 million under the International Monetary Fund Resilience and Sustainability Facility (RSF) programme as global discussions on climate financing gather momentum.
According to sources, progress was made on climate financing during international financial meetings held in Washington, where greater emphasis was placed on practical measures to address climate change challenges worldwide.
Pakistan presented its position on climate action financing, budget priorities and resource mobilisation, while consultations continued regarding enhanced international financial support for environmental and climate-related projects.
Officials said an important IMF Executive Board meeting is expected on Friday, during which a key decision related to Pakistan’s climate financing support may be considered.
The government has also decided to accelerate institutional coordination to tackle environmental challenges and climate risks facing the country.
Sources indicated that climate policy is likely to be given greater importance in future national budget planning and allocation of resources as Pakistan seeks to strengthen resilience against climate-related disasters.
Pakistan has repeatedly highlighted the severe impact of floods, extreme weather events and environmental degradation on its economy and vulnerable communities while calling for increased global climate financing support for developing countries.
International financial institutions, including the IMF and World Bank, have recently intensified focus on climate-related funding mechanisms aimed at helping developing economies improve resilience and sustainability.