Says Pakistan must act on climate change or face economic setbacks; Pollution, water crisis threaten economic stability
Finance Minister Muhammad Aurangzeb has expressed confidence that Pakistan will soon receive positive news from the International Monetary Fund, saying that negotiations are in their final stages with no major hurdles in the way.
Speaking to journalists on Friday, the minister reassured that Pakistan is on track to meet the IMF’s economic discipline targets. He emphasised that discussions with the global lender are progressing smoothly and that the ongoing talks will conclude soon.
Aurangzeb underscored the government’s commitment to economic reforms, adding that Pakistan is adhering to the agreed-upon financial framework.
He noted that the country remains focused on fiscal responsibility, which will help secure the next tranche of funding.
Pakistan and the IMF have made significant progress towards reaching a Staff-Level Agreement on the first review of the $7 billion loan programme.
Speaking at a ceremony in Islamabad on Friday, Aurangzeb sounded the alarm on climate change’s impact on Pakistan’s economy, stressing that failure to act could result in severe economic losses.
Aurangzeb highlighted the government’s commitment to tackling climate change through a comprehensive framework.
“We don’t have much time. If we fail to address climate change, our economy will suffer,” the finance minister warned. Despite challenges, the minister emphasised that Pakistan’s economic condition is improving with continued progress on macro-economic reforms. The finance minister also noted significant advancements in Pakistan’s partnership with the World Bank.
Talking to the media after the ceremony, Finance Minister Aurangzeb said talks with the IMF are in the final stages, and there is no major obstacle to the success of the talks.
The Finance Minister also said Pakistan will soon get good news from the IMF, as talks with the IMF will be completed soon.
The federal finance and planning ministries have been engaged in discussions with the International Monetary Fund regarding economic and climate-related policies.
