Pakistan is targeting around $1bn in a formal request for funding from the IMF facility that helps lows and middle income countries manage external shocks, its finance minister told Reuters.
“We have formally requested to be considered for this facility,” Finance Minister Muhammad Aurangzeb said in an interview on the sidelines of the IMF/World Bank autumn meetings in Washington.
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The International Monetary Fund had already agreed a $7bn bailout for Pakistan, but has further funding available via its Resilience and Sustainability Trust (RST).
The RST, created in 2022, provides long-term concessional cash for climate-related spending, such as adaptation and transitioning to cleaner energy.
The South Asian nation is one of the most vulnerable countries to climate change according to the Global Climate Risk Index.
Floods in 2022, which scientists said was aggravated by global warming, affected at least 33mn people and killed more than 1,700.
The country’s economic struggles and high debt burden impinged its ability to respond to the disaster.
