Aurangzeb expects IMF staff-level deal by month end

The country expects to get approval for the International Monetary Fund (IMF) staff-level agreement by the end of August, Finance Minister Mohammad Aurangzeb announced on Monday.

Aurangzeb stressed the importance of the agreement to Pakistan’s economic stability at an event in Islamabad and highlighted plans to discuss climate finance with the International Monetary Fund and the World Bank.

Aurangzeb said Pakistan is one of the countries most affected by climate change and will launch climate finance negotiations after the IMF approves the agreement.

Those discussions will take place during the annual meetings with the International Monetary Fund and the World Bank in October.

The finance minister expressed concern over Pakistan’s rapid population growth, calling it a “demographic bomb” that has exploded.

He stressed the need for effective plans to mitigate the effects of climate change and control population growth, and emphasized the importance of working with international organizations to access climate finance.

He highlighted the collaborative efforts of the Ministry of Finance, Ministry of Climate Change, IMF and World Bank to develop an effective climate finance strategy.

Aurangzeb stressed the importance of strengthening monitoring of climate change projects with the support of these organizations.

The finance minister also called on the private sector to participate in improving the country’s economy and formulating climate change policies.

Aurangzeb noted the need to improve economic conditions through budgetary and tax measures, energy sector reforms and improving living standards to meet the challenges posed by climate change.

As Pakistan prepares for the upcoming IMF and World Bank meetings, the government’s focus remains on securing an IMF deal and advancing climate finance discussions to address the pressing challenges posed by climate change and economic stability.