Pakistan, IMF lock in preparatory work for climate funding facility
Fund’s Julie Kozack says IMF mission was encouraged by Pakistan reforms during recent visit: Team to assess shortfalls in revenue
Stay tuned with 24 News HD Android App
The International Monetary Fund (IMF) has confirmed that its team is locked in preparatory work with Pakistan authorities regarding Resilience and Sustainability Facility (RSF) or climate funding, reported 24NewsHD TV channel on Friday.
Addressing a news conference in Washington on Thursday, Director of the IMF Communications Department Ms Julie Kozack, however, stated there was also considerable background work needed in order to complete the discussions around any potential RSF.
Following are excerpts from Julie Kozack’s press conference regarding Pakistan:
QUESTIONER: Would [like to] ask about Pakistan, why IMF had to review reforms agenda for Pakistan before even the first review. And what's IMF's take on Pakistan's falling short on first quarter revenue targets. Are there any alternative measures proposed? Have another. You may allow. I can ask the second one as well about the climate funding.
MS. KOZACK: On Pakistan?
QUESTIONER: There is a new slide on Pakistan on a climate funding that there is $1 billion to be that are in discussion and by March they can be concluded for $1 billion in climate resilience for Pakistan.
MS. KOZACK: Any other questions on Pakistan? Anyone online on Pakistan? So, stepping back On Pakistan, on September 25th, the Executive Board approved a new 37 month $7 billion EFF arrangements. The key priorities under the EFF include strengthening policymaking, building economic and climate resilience and advancing reforms to support stronger, sustained and more inclusive growth. We just -- the team was just in Pakistan and finished a mission. It was a staff visit from November 12th to 15th and the staff at the end of that visit they felt encouraged by the authorities reaffirmed commitment to the programme.
With respect to the question on the RSF. So, Pakistan has indeed inquired about an RSF arrangement. This is the Resilience and Sustainability Facility. Our team and the authorities are engaged in preparatory work. But I should just mention that there's also considerable background work needed in order to complete the discussions around any potential RSF. And of course, like any programme, an RSF would of course need to be considered by our Executive Board. And on the question on revenue. I think you're talking about the potential for revenue shortfalls at the end of?
QUESTIONER: Shortfalls and why IMF team had to visit before the press.
MS KOZACK: So, on the potential for revenue shortfalls, I mean, this is something that the team will be assessing as part of the full review mission that will take place. So as the review mission takes place later on, the team will assess all of the targets under the programme. Right. Including those on the fiscal side. Now, why there was a staff visit at this point, under Pakistan's EFF, the reviews are only taking place semi-annually. So that's twice a year. In some cases, we have programmes where reviews take place quarterly. In Pakistan's case, it's semi-annual. And it's very customary to have a short staff visit in between those two semi-annual review missions. So, this is a standard procedure.
Reporter Waqas Azeem