ISLAMABAD: Finance and Revenue Minister Senator Muhammad Aurangzeb on Tuesday emphasized the need for effective projects to address climate change related issues and advocated active participation and funding from the private sector.
Speaking at the ‘Climate Action for Pakistan’ event organized by Acumen Pakistan, he emphasized that climate change is an international issue affecting many regions around the world.
He noted that Pakistan is among the countries most affected by climate change and will suffer massive destruction in the 2022 floods, suffering losses estimated at $30 billion.
Aurangzeb mentioned that at the Geneva conference, various countries, bilateral and multilateral partners and international organizations have pledged more than $9 billion in aid to Pakistan. However, the country did not receive the promised funds.
The finance minister emphasized that the private sector plays a key role in climate finance and should take the lead in this area.
He also indicated that discussions would take place with the Governing Council of the International Monetary Fund (IMF) on climate finance and expressed confidence that the IMF Board would approve a staff-level agreement by the end of the month.
Aurangzeb assured that Pakistan’s economy is on the path to stability with ongoing reforms aimed at promoting sustainable economic growth and development.
He emphasized the need to expand the tax system, improve transparency, implement energy sector reforms and strengthen governance.
“The current government is taking necessary measures in these areas,” he informed. “Pakistan needs increased resources to cover its growing population,” he noted.
