Islamabad: The Federal Ministry of Planning has said that work is being done on an alternative financing framework to address the impacts of climate change in Pakistan, with the aim of finding different financial sources for climate projects so that the pressure on the national exchequer is reduced and development projects can be completed in a sustainable manner.
According to the Ministry of Planning, a meeting was held under the chairmanship of Federal Minister for Planning, Development, Reforms and Special Initiatives Ahsan Iqbal to discuss the framework prepared by the Ministry of Planning for financing climate projects and he issued instructions to the Ministry’s Climate Change Section.
He directed that alternative programs be prepared regarding climate change and disaster preparedness and response.
It was informed in the meeting that the Sindh Coastal Highway, which is most affected by climate hazards, will be built under the climate change construction model to be eligible for climate finance.
The federal ministry said that reform measures are being developed under the IMF Sustainability Facility, which will not only ensure debt sustainability but also promote exports in emerging green value chains.
It was discussed during the meeting that the ministry will also develop a comprehensive framework for integrating financial management, including bonds, guarantees and mixed financial models, into national and sub-national development planning.
