KARACHI: Esther Pérez Ruiz, the International Monetary Fund (IMF) representative for Pakistan, on Wednesday termed the ongoing discussions with the Pakistani government on the ninth review of the $7 billion loan program “productive,” which would release around $1 billion to the cash-strapped South Asian nation.
Pakistan’s central bank reserves have depleted to $6.7 billion — barely enough for a month’s imports — as the country continues to grapple with a widening current account deficit, balance-of-payment crisis and currency depreciation.
The IMF review for the release of its next tranche of funding has been pending since September, leaving the South Asian nation desperately looking for external financing.
Pakistan’s finance minister Ishaq Dar said on Monday that Islamabad had already met all requirements for a review by the global lender.
“Discussions to date in the context of the 9th review have been productive, and have enabled a revision to the macroeconomic outlook post floods as well as an in-depth evaluation of fiscal, monetary, exchange rate, and energy policies adopted since the completion of the combined seventh and eight reviews,” Ruiz said in a statement to Arab News.
“The IMF looks forward to continue the dialogue over policies that adequately address the humanitarian and rehabilitation needs from the floods, while also preserving fiscal and external sustainability given available financing.”
The IMF approved seventh and eighth reviews together in August of Pakistan’s bailout program agreed in 2019, allowing the release of more than $1.1 billion.
Pakistan secured a $6 billion bailout program in 2019 that was topped up with a further $1 billion earlier this year.
Islamabad has also been approaching its allies, including Saudi Arabia, to seek financial support.
IMF says discussions with Pakistan ‘productive’ on ninth review of $7 billion program
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IMF says discussions with Pakistan ‘productive’ on ninth review of $7 billion program
- The IMF review is pending since September and has left Pakistan in dire need of external financing
- Islamabad has also been trying to approach allies, including Saudi Arabia, to seek financial support
Pakistan urges concessional finance for developing nations to boost clean energy security
- Pakistan has emerged as one of world’s fastest growing solar markets, with 12GWs of off-grid and 6GWs of net-metered capacity in 2025
- PM’s aide says Islamabad remains committed to Paris Agreement, looks for continued support in building a resilient and low-carbon future
ISLAMABAD: Pakistan has urged international partners to scale up concessional financing for developing countries, the country’s Press Information Department (PID) said on Sunday, citing an aide to Prime Minister Shehbaz Sharif.
The call was made by Sharif’s coordinator on climate change, Romina Khurshid Alam, while delivering Pakistan’s national statement at the 16th International Renewable Energy Agency (IRENA) Assembly in Abu Dhabi.
Pakistan has emerged as one of the world’s fastest growing solar markets, with 12 gigawatts (GWs) of off-grid and over 6GWs of net-metered solar capacity by the end of 2025. Last fiscal year, renewables accounted for a historic 53 percent of total electricity generation, according to Alam.
The prime minister’s aide stressed that affordable funding for developing nations is critical to accelerating their transition to clean energy and strengthening energy security amid rising climate and economic challenges.
“Alam reaffirmed Pakistan’s target of achieving 60 percent renewables in the power mix by 2030,” the PID said in a statement.
“In her call to action, she urged IRENA and Member States to increase concessional finance for developing nations, treat technologies such as energy storage and green hydrogen as global public goods, and strengthen regional cooperation for shared energy security.”
IRENA is a global intergovernmental agency for energy transformation that serves as the principal platform for international cooperation, supports countries in their energy transition, and provides state of the art data and analyzes on technology, innovation, policy, finance and investment. Its membership comprises 170 countries and the European Union (EU).
The 16th session of the IRENA Assembly is taking place on Jan. 10-12 in Abu Dhabi and focuses on the theme of “Powering Humanity: Renewable Energy for Shared Prosperity.” The session has gathered global leaders and energy decision-makers to discuss strategies and underline necessary actions for the acceleration of renewable energy across countries, regions, and the world, driving economic inclusion, equity, and human well-being.
Alam shared that Pakistan is taking action against energy poverty through initiatives like the Punjab Solar Panel Scheme 2026, which provides free or subsidized systems to low-income households.
She highlighted how distributed solar kits have restored power and livelihoods in flood-affected communities and offer a replicable model for climate-resilient recovery.
“Pakistan remains fully committed to the Paris Agreement and looks to IRENA for continued technical and financial support in building a resilient, inclusive, and low-carbon future,” Alam said.
Adopted in 2015 to combat climate change, the Paris Agreement binds nations to hold “the increase in the global average temperature to well below 2°C above pre-industrial levels” and pursue efforts “to limit the temperature increase to 1.5°C above pre-industrial levels.”
