KARACHI: On the one hand Pakistan continues to face a very high fiscal deficit and on the other hand Pakistan’s outstanding debt has been found at a record high of 78% above the legal limit.
It is inevitable that Pakistan badly needs to attract FDI and avail the opportunity and privilege of climate financing through COP28, said Ateeq ur Rehman (economic & financial analyst).
Pakistan is one of the worst effected countries facing acute climate changes and facing difficult situations of extreme temperature, disappearing of glaciers, rain falls and floods.
Last years’ experience alone shows that Pakistan has no time to waste. The Floods affected above 35 million people, blew a near $20 billion black hole in the economy.
The World Bank estimates that Pakistan will need foreign funding by 2030 in hundreds of billions, therefore the best opportunity is COP28 to make effort, plead and get some money flowing as Climate Financing.
Copyright Business Recorder, 2023
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