islamabad
\nPakistan is targeting around $1 billion in a formal request for funding from the International Monetary Fund (IMF) facility that helps low and middle income countries manage external shocks, Finance Minister Muhammad Aurangzeb told Reuters.
\n\u201cWe have formally requested to be considered for this facility,\u201d Aurangzeb said in an interview on the sidelines of the IMF\/World Bank autumn meetings in Washington.
\nThe IMF had already agreed a $7 billion bailout for Pakistan, but has further funding available via its Resilience and Sustainability Trust (RST).
\nThe RST, created in 2022, provides long-term concessional cash for climate related spending, such as adaptation and transitioning to cleaner energy.
\nThe South Asian nation is one of the most vulnerable countries to climate change according to the Global Climate Risk Index.
\nFloods in 2022, which scientists said was aggravated by global warming, affected at least 33 million people and killed more than 1,700. The country\u2019s economic struggles and high debt burden impinged its ability to respond to the disaster.
\nPakistan is also in talks with the Asian Infrastructure Investment Bank for a credit enhancement for a planned Panda bond, with an initial issue of $200 250 million, Aurangzeb said.
\nA Panda bond issuance would be Pakistan\u2019s first foray into China\u2019s capital markets. Aurangzeb said they were talking to \u201ca few other institutions\u201d in addition to the AIIB for a credit enhancement.
\nIssuing in the world\u2019s \u201csecond largest and the second deepest\u201d capital market, Aurangzeb said, was the key aim, rather than a particular issuance size.
\n\u201cFrom our perspective it is diversification of the funding base,\u201d Aurangzeb. \u201cEven if the inaugural issue is not significant in size, for us it is important that we print that and of course then we can keep it on tap.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
islamabad Pakistan is targeting around $1 billion in a formal request for funding from the International Monetary Fund (IMF) facility that helps low and middle income countries manage external shocks, Finance Minister Muhammad Aurangzeb told Reuters. \u201cWe have formally requested to be considered for this facility,\u201d Aurangzeb said in an interview on the sidelines of …<\/p>\n","protected":false},"author":4,"featured_media":68025,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-72013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/72013","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/comments?post=72013"}],"version-history":[{"count":1,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/72013\/revisions"}],"predecessor-version":[{"id":72042,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/72013\/revisions\/72042"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media\/68025"}],"wp:attachment":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media?parent=72013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/categories?post=72013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/tags?post=72013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}