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ADB Approves $500 Million Disaster Safety Net for Pakistan to Enhance Flood and Disaster Response

ADB Approves $500 Million Disaster Safety Net for Pakistan to Enhance Flood and Disaster Response

The Asian Development Bank (ADB) has approved a contingent disaster financing package of up to $500 million for Pakistan. This financial safety net is designed to enable Pakistan to respond more rapidly to natural disasters such as floods and earthquakes. The funding aims to provide prompt budget support following qualifying events, thereby mitigating the economic and fiscal pressures that typically follow major emergencies. This approval falls under the second subprogramme of the Climate and Disaster Resilience Enhancement Programme, which supports policy reforms to strengthen disaster preparedness and risk management. The initiative also seeks to integrate climate and disaster resilience into Pakistan’s development planning and investment decisions. According to the ADB, Pakistan faces estimated annual losses of approximately $2 billion from various disasters, with the 2022 floods alone causing $14.9 billion in direct damage and an additional $15.2 billion in economic losses, pushing 9.1 million people i...
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Pakistan Prime Minister Shehbaz Sharif Calls for Grant-Based Climate Finance at COP31

Pakistan Prime Minister Shehbaz Sharif Calls for Grant-Based Climate Finance at COP31

Prime Minister Shehbaz Sharif of Pakistan addressed COP31 in Antalya, Turkiye, advocating for grant-based finance and enhanced resilience and adaptation funds for climate-vulnerable countries. He emphasized that national efforts alone cannot substitute for a fair and just global response to climate change, particularly when vulnerable nations require timely financial assistance that does not exacerbate their debt burdens. Prime Minister Shehbaz highlighted Pakistan's significant vulnerability to climate disasters, citing the 2025 floods in Buner district and the catastrophic 2022 floods that submerged one-third of the country, affecting 33 million people, causing over 1,700 deaths, and resulting in economic losses exceeding $30 billion. He reiterated his warning from the 2022 UN General Assembly that 'what is happening in Pakistan will not stay in Pakistan,' asserting that this prediction has become a stark reality. The Prime Minister also noted Pakistan's efforts in clean energy transition, with nearly 55...
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IPA Evaluates Climate-Resilient Credit Product in the Philippines, Develops Health Microinsurance Research

IPA Evaluates Climate-Resilient Credit Product in the Philippines, Develops Health Microinsurance Research

IPA Evaluates Climate-Resilient Credit Product in the Philippines, Develops Health Microinsurance Research
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Pakistan's Central Bank Reserves Increase to $21.57 Billion

Pakistan's Central Bank Reserves Increase to $21.57 Billion

Pakistan's Central Bank Reserves Increase to $21.57 Billion
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Zimbabwe Urges Developed Nations to Fulfill Climate Finance Pledges at COP31

Zimbabwe Urges Developed Nations to Fulfill Climate Finance Pledges at COP31

Zimbabwe is actively participating in the 31st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP31) in Antalya, Türkiye, from November 9 to 20, 2026. The nation is calling on developed countries to honor their climate financing commitments and ensure that pledged funds are translated into tangible support for developing nations. Zimbabwe faces significant climate-related challenges, including droughts, floods, and changing rainfall patterns, which severely impact its agriculture, food security, water availability, infrastructure, and rural livelihoods. The country requires financial and technical assistance to bolster climate-resilient agriculture, enhance water management, develop early-warning systems, and safeguard vulnerable communities. A Climate Brief report from November 6 highlighted concerns about declining climate finance commitments and uncertainty regarding future contributions from traditional donors, underscoring the gap between promises and actual fu...
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Pakistan Shares Lessons on Inclusive Green Finance Policy Implementation with AFI Members

Pakistan Shares Lessons on Inclusive Green Finance Policy Implementation with AFI Members

From November 3 to 6, AFI (Alliance for Financial Inclusion) members from over 20 countries convened in Islamabad, Pakistan, for a joint learning program (JLP) focused on the practical implementation of Inclusive Green Finance (IGF) policies. Hosted by the State Bank of Pakistan (SBP), the program allowed participants to learn from Pakistan's experience in transitioning from IGF policy formulation to practical application. SBP Governor Jameel Ahmad highlighted that climate change presents both physical and transitional risks affecting financial positions, institution balance sheets, and overall financial stability. Pakistan has proactively addressed these challenges through initiatives like Green Banking Guidelines, a National Green Taxonomy, and climate-smart agriculture programs.
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Pakistan Shares Insights on Implementing Inclusive Green Finance Policies

Pakistan Shares Insights on Implementing Inclusive Green Finance Policies

From November 3 to 6, AFI members from over 20 countries convened in Islamabad for a joint learning program (JLP) focused on the implementation of Inclusive Green Finance (IGF) policies. Hosted by the State Bank of Pakistan (SBP), the program allowed participants to learn from Pakistan's practical experience in transitioning from IGF policy formulation to tangible implementation. Pakistan, facing significant climate risks that impact its economic stability and financial inclusion, has proactively addressed these challenges through initiatives such as Green Banking Guidelines, a National Green Taxonomy, and climate-smart agriculture programs. SBP Governor Jameel Ahmad emphasized the importance of understanding and managing climate-related risks as part of regulatory and supervisory responsibilities. The JLP included local stakeholders and regulatory experts from various institutions, including the SBP, the Securities and Exchange Commission of Pakistan (SECP), and central banks from Fiji, Bangladesh, Papua ...
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Asian Development Bank Approves $500 Million Loan to Pakistan for Disaster Preparedness

Asian Development Bank Approves $500 Million Loan to Pakistan for Disaster Preparedness

The Asian Development Bank (ADB) has approved contingent disaster financing (CDF) facilities totaling $500 million for Pakistan. This loan aims to bolster Pakistan's capacity to withstand and respond to natural disasters. The funds will provide immediate budget support following eligible disaster events, thereby helping to mitigate the economic and fiscal impacts. Pakistan faces an estimated $2 billion in annual average losses due to floods, earthquakes, and other disasters. The devastating floods in 2022 alone resulted in $14.9 billion in direct damage and $15.2 billion in economic losses, pushing approximately 9.1 million people into poverty. The ADB's initiative, part of the second subprogram of the Climate and Disaster Resilience Enhancement Program, supports reforms designed to strengthen disaster preparedness and risk management. It also integrates resilience measures into Pakistan’s development planning and investment strategies. Emma Fan, ADB Country Director for Pakistan, emphasized that investing...
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UK appoints climate security envoy as Thunberg criticizes COP31 leaders

UK appoints climate security envoy as Thunberg criticizes COP31 leaders

The United Kingdom has appointed a special envoy to address climate change security threats
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As smog hangs over Lahore, Pakistan's new pollution squad races to douse stubble fires

As smog hangs over Lahore, Pakistan's new pollution squad races to douse stubble fires

By Mubasher Bukhari LAHORE, Nov 14 (Reuters) - As smog again settles over large parts of South Asia, Pakistani authorities are widening a crackdown on illegal stubble burning they say is fuelling the region's annual pollution crisis.
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Economic Inequality in Pakistan Fuels Recurring Imbalances, Hindering Sustainable Growth

Economic Inequality in Pakistan Fuels Recurring Imbalances, Hindering Sustainable Growth

Economic Inequality in Pakistan Fuels Recurring Imbalances, Hindering Sustainable Growth
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UK names a climate security envoy as island leaders warn of a 'life-or-death' crisis

UK names a climate security envoy as island leaders warn of a 'life-or-death' crisis

The United Kingdom has appointed a special envoy to address climate change security threats