IMF agrees to Pakistan’s proposal on climate change spending

IMF Pakistan, climate change, Pakistan

ISLAMABAD: The International Monetary Fund (IMF) review mission has agreed to a proposal, shared by Pakistan, regarding its spending on climate change, causing vulnerabilities to both rural and urban areas, ARY News reported on Friday, citing sources.

Sources told ARY News that the Planning Commission and IMF review mission held talks on climate change and country’s National Clean Air Policy.

The Planning Commission shared plans regarding ‘clean energy, electric vehicles and ban on coal imports’ with the review mission.

Pakistan submitted a Nationally Determined Contribution (NDC) in October 2021, aiming to shift to 60% renewable energy, and 30% electric vehicles by 2030 and ban coal imports as well as expand nature-based solutions.

During the meeting, the IMF review mission agreed to Pakistan’s proposal of spending one percent of gross domestic product (GDP) on climate change.

The review mission was also briefed on Green Energy and Billion Tree Tsunami Projects launched under Clean Air Policy. The commission told IMF that a ban has been imposed on crop residue burning to control environmental pollution.

The commission added that the country was implementing Euro 5 and Euro 6 transport technology policy under the National Clean Air Policy.

The mission was also apprised on extending credit and other financing options for Clean Air Policy between the Centre and provinces. They also discussed measures for early warning system under the National Adaptation Plan.

It is pertinent to mention here that the caretaker government and the International Monetary Fund (IMF) kicked off the much-awaited loan review talks.

Read more: IMF ‘satisfied’ with Pakistan’s economic progress

Earlier, the sources said that IMF expressed satisfaction with the financial deficit and economic growth rate data provided by Pakistan during talks.

A briefing by the Ministry of Finance stated that on September 23, the volume of the economy reached Rs500,817 billion، and the financial deficit was reduced from the target of Rs 2525 billion to Rs964 billion۔

The Pakistani officials told the IMF officials that from July to September, the federation spent only Rs40 billion in the development budget, which the international lender appreciated.

 



from ARY NEWS https://ift.tt/Tth2BHo

Comments

Post a Comment

Popular posts from this blog

War-torn Sudan faces ‘catastrophe’ as UN runs out of funds

Image
Of nearly 25 million people in need, the United Nations has only been able to reach a fraction, according to the head of the UN’s humanitarian response in war-torn Sudan. But assistance to even those four million could soon stop, Clementine Nkweta-Salami told AFP in an interview, if the chronic lack of funding continues. The UN’s humanitarian Coordinator for Sudan says eight months into a conflict between rival generals that has torn the country apart, the situation is “catastrophic”. Aid workers have called it the “forgotten war”. On April 15, army chief Abdel Fattah al-Burhan and his former deputy Mohamed Hamdan Daglo, who commands the paramilitary Rapid Support Forces, turned their weapons on each other. Two years after the former allies co-engineered a 2021 coup sidelining civilians from power, their forces have killed more than 12,190 people in their brutal struggle for power, according to the Armed Conflict Location & Event Data Project (ACLED). That figure is only a c
Read more

Transport Canada declares Pakistan’s aviation security satisfactory

Image
KARACHI: In a major development, the security delegation from Transport Canada on Wednesday completed the security audit of Jinnah International Airport, ARY News reported. According to Airports Security Force (ASF), the team conducted thorough inspection of the security arrangements in place at the airport and found them satisfactory. During the audit, the ASF team comprising National Inspectors gave a briefing to the Transport Canada team. The assessment team was given briefing on security deployment, entry control, screening, issuance of passes and addressing emergency situations. The Transport Canada team commended the efforts of the ASF for taking additional measures to ensure the safety of the Pakistan International Airlines’ (PIA) direct flights to Canada. The team also termed the overall aviation security measures satisfactory at the international airports of Pakistan. It is pertinent to mention that the two-member delegation from Transport Canada arrived in Pakistan on
Read more

Woman throws eight-year-old child into Karachi’s nullah

Image
KARACHI: A tragic incident was reported from Karachi’s old Golimar area near Eidgah Ground when an 8-year-old child was allegedly thrown into the sewerage drain by a woman believed to be mentally ill, ARY News reported on Tuesday. The local police claimed that the woman – believed to be mentally ill – picked up the child, who was playing nearby, and threw him into the sewerage drain and fleeing the scene. The father of the child immediately reported the incident to authorities, which led to initiate a rescue operation. Rescue 1122 teams have been working tirelessly form past three hours in search of the missing child. On the other hand, the police are investigating the case, and efforts are underway to apprehend the suspect. from ARY NEWS https://ift.tt/c1ZzapO
Read more