In a recent move, Pakistan secured a total of $1.3 billion in financing at Geneva donor conference. The amount is dedicated to be spent on flood recovery and rehabilitation, along with the development projects of the country, according to the sources. It should be noted that the financing at Geneva donor conference amounts to $1 billion for projects, along with an additional $300 million. Climate change has affected Pakistan severely, and it is one of those countries that doesn’t contribute or contributes the least amount to climate change but still has been extraordinarily hit by the phenomenon.
Due to these reasons, the international community has decided to fund Pakistan at Geneva donor conference so that Pakistan could recover the loss in a minimal amount of time and give the due share to people affected by the aftermath. However, it is important to highlight the fact that the Ministry of Planning and the Ministry of Economic Affairs have already submitted the work for the current fiscal year. They have decided to spend the amount on flood recovery and rehabilitation, along with certain other developmental projects.
It is pertinent to note that by 2027, Pakistan is expected to receive another $10 billion, and as of now, it has received a cumulated $3 billion in financing at Geneva donor conference. Different international financing authorities, including the World Bank, Asian Developmental Bank (ADB), and Asian Infrastructure Bank, are among the top financial institutions that are financing Pakistan to get back on track after the devastating floods amidst climate change.
It’s important to underscore the fact that Prime Minister Shehbaz Sharif has also co-hosted the “Climate Resilient Pakistan” conference in Geneva along with the General Secretary of the United Nations, Antonio Guterres. The conference aimed to highlight the need for Pakistan to receive financing in lieu of climate change and address the challenges that the country is facing due to flash floods. Thus, Pakistan was able to secure $1.3 billion in financing at Geneva donor conference.
