The Public Investment Management Assessment Report of the International Monetary Fund (IMF) has expressed concerns over Pakistan’s development budget.
The IMF’s Public Investment Management Assessment Report states that Pakistan’s development budget is unsustainable and should be revised.
The report states that 10.7 trillion rupees are required to complete all development projects, the funding required for development projects is 14 times more than the current year’s development budget of 727 billion rupees. In the last budget, the government launched new development projects worth 2.3 trillion rupees. what
In the IMF report, it is said that technical assessment is necessary before the approval of development projects, a 5-year policy should be made for the selection of development projects, and the procedure for releasing funds to development projects should be prepared and published.
According to the assessment report, by the end of this fiscal year, Pakistan’s debt will be 81.8 trillion, which is 73 percent of the country’s GDP. The size of the next budget will be up to 15.4 trillion.
According to the report of the International Monetary Fund, Pakistan is among the most vulnerable countries to climate change, 30 million people were affected by the floods of 2022 in Pakistan and 1700 people died due to floods.
The report states that since 2000, climate change is costing Pakistan 2 billion dollars every year, 4 million people are affected by climate change in Pakistan every year and 500 people are killed by natural disasters and climate change.
According to the IMF report, climate change is destroying agriculture and infrastructure in Pakistan. By 2050, Pakistan’s economy may be affected by natural disasters up to 9%. The budget to deal with climate change in Pakistan is extremely insufficient. Pakistan should prioritize climate change projects in its development budget
