The Finance Minister referenced a recent World Bank study projecting potential annual GDP losses of up to 1% due to climate-related risks.
The substantial funding gap in adaptation, resilience, and mitigation projects, Senator Aurangzeb stressed the imperative of bridging this gap. He outlined the adverse impacts of shifting weather patterns on Pakistan’s agricultural yields, citing threats such as flooding, storms, and heatwaves.
The British High Commission for facilitating the forum, Minister Muhammad Aurangzeb underscored the necessity for a robust portfolio of green investment projects. He highlighted Pakistan’s reliance on private sector support and the government’s initiatives to bolster investor confidence in viable green opportunities. Additionally, he outlined plans to issue domestic green sukuk bonds by December 2024 to fund sustainable development endeavors.
Finance Minister Aurangzeb elaborated on significant improvements in various macroeconomic indicators over the past 10 months. He provided insights into the country’s macroeconomic stability, including inflation reduction, increased GDP growth in the agricultural sector, augmented forex reserves, an upward trend in the stock market, and projected reductions in the Current Account Deficit. The minister also highlighted the successful completion of the 9-month-long Standby Arrangement (SBA) with the IMF and expressed intent to engage in a medium-term fund-supported program with the IMF, showcasing Pakistan’s commitment to sustained economic growth and stabilization.
The Minister for Finance and Revenue extended an invitation to investors, expressing eagerness to address the challenges they face when investing in Pakistan. He reiterated the government’s determination to foster a more favorable business environment for international investors.
