Finance Minister Calls for Global Financial Safety Net to Combat Climate Change Risks

Washington D.C, In a recent gathering of Middle East and North Africa finance ministers and central bank governors with the Managing Director of the International Monetary Fund (IMF), Pakistan’s Finance Minister Muhammad Aurangzeb advocated for an enhanced global financial safety net to effectively address the growing risks posed by climate change.

According to Ministry of Information and Broadcasting, during the meeting in Washington, Minister Aurangzeb expressed concerns about geo-economic fragmentation and its effects on Pakistan. He emphasized the need for a review of surcharges policy and prioritized the resilience and sustainability trust, highlighting the country’s vulnerability to climate-related issues. The Minister also expressed gratitude towards the IMF and its partners for their ongoing support in helping Pakistan manage unprecedented challenges.

Additionally, Aurangzeb welcomed the IMF’s renewed focus on capacity building, particularly through regional capacity development centers. He outlined the aggressive reforms underway in Pakistan, which include broadening the tax net, privatizing loss-making state-owned enterprises, expanding the social safety net, and enhancing support for the private sector.