Pakistan receives $2.8b out of $10.98b pledged by int’l community at Geneva

Development partners laud sustained attention given to post-flood reconstruction and rehabilitation endeavors

ISLAMABAD   -   Pakistan has received $2.8 billion up to April 2024 out of an amount of $10.987 billion pledged by the international community at the “International Conference on Climate Resilient Pakistan” held in Geneva in 2023.

Co-hosted by the government of Pakistan and the United Nations, the International Conference on Climate Resilient Pakistan took place on January 9, 2023, in Geneva, in the backdrop of the devastating floods in 2022. Pakistan has received $2.8 billion up to April 2024 out of an amount of $10.987 billion pledged by the international community.

The overall pledged loans include a $4.2 billion commitment from the Islamic Development Bank, $500 million by the Asian Development Bank, $1 billion by the Asian Infrastructure Investment Bank, and $2 billion by the World Bank. Saudi Arabia committed $1 billion followed by China $100 million, Qatar $25 million, Canada $18.6 million, Denmark $3.8 million, European Union €87 million, France €380 million, Germany €84 million, Italy €23 million and Azerbaijan $2 million.

The fourth meeting of the International Partners Support Group (IPSG) at the Prime Minister’s Office in Islamabad was held under the chair of Federal Minister for Economic Affairs, Ahad Khan Cheema. This meeting marked almost two years since the devastating floods of 2022, aiming to review the progress of flood recovery and realign efforts for a resilient Pakistan.

The meeting was attended by Ms Romina Khurshid, the Coordinator to the Prime Minister on Climate Change at the Ministry of Climate Change and Environmental Coordination, along with secretaries and senior officials from the ministries of Economic Affairs, Finance and Revenue, Foreign Affairs, Planning, Development and Special Initiatives, and the Climate Change Division. Additionally, representatives from bilateral and multilateral development partners, including ambassadors from Azerbaijan, Sweden, Kazakhstan, Norway, Australia, and diplomats from Germany, China, UAE, South Korea, USA, Qatar, Turkey, Netherlands, Russia, Japan, France, Switzerland, as well as officials from the Canadian and British High Commissions, participated in the event. Representatives from various international organizations such as UNDP, World Bank, ADB, IMF, AIIB, UNRC, EU, KfW, UNICEF, IsDB, WFP, AICS, and USAID were also present. In his inaugural remarks, Cheema warmly welcomed IPSG members, acknowledging the collaborative efforts of the international community and Pakistan in post-flood recovery. He expressed profound gratitude for the commitments of international development partners towards building a climate-resilient Pakistan.

The minister highlighted the importance of energy and infrastructure as essential prerequisites for all development and reconstruction efforts, with hopes for continued focus from international development partners in these critical areas. Highlighting IPSG’s pivotal role in coordinating the Resilient Recovery, Rehabilitation, and Reconstruction Framework (4RF), he outlined its objectives: assisting in plan development, securing financial commitments, providing guidance, and addressing funding gaps. Cheema emphasized provincial cooperation and reiterated the commitment to transparency in implementing 4RF projects, as pledged by the Prime Minister in the previous IPSG meeting. During the meeting, the development partners expressed their appreciation for the convening of the fourth meeting of the IPSG and lauded the sustained attention given to post-flood reconstruction and rehabilitation endeavors. Deliberations underscored the significance of fiscal stability, economic growth, and the nurturing of human capital. Additionally, the World Bank and UNDP presented updates on post-flood activities.

In his concluding remarks, the minister recalled the pledges made at the “International Conference on Climate Resilient Pakistan” held in Geneva, with an amount of $10.987 billion pledged by the international community of which $2.8 billion, up to April 2024, have been disbursed. While acknowledging the support provided by the UNDP, Cheema thanked Dr Samuel Rizk, the Resident Representative, for offering secretariat services to the IPSG. The meeting was concluded with a renewed commitment to collaboration and transparency in achieving the goals of the Resilient Recovery, Rehabilitation, and Reconstruction Framework.

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