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Friday, March 01, 2024  
19 Shaban 1445  

Pakistan shares alternative energy plan with IMF

Sources say IMF mission agree to proposal to spend 1% of GDP annually on climate change

Pakistan has shared its alternative energy plan with the International Monetary Fund under which the cash-strapped country intends to obtain 60% of its energy from alternative sources in the next six years, sources said on Friday.

In its briefing to the money lender, the finance ministry said that the government plans that 30% of all new cars would be electric vehicles by 2030. Pakistan also shared the plan to ban imported coal.

Last week, the interim government and the IMF kicked off the much-awaited loan review talks to unlock the second tranche of loan amount worth $710 million.

Discussions were held with the officials of the climate change, planning commission on the National Clean Air Policy. They briefed the IMF mission on green energy mix, Billion Tree Tsunami Project, Early Warning System measures under the National Adaptation Plan.

Sources said that the IMF mission agreed to the proposal to spend one per cent of the GDP annually on climate change.

While informing about the clean air policy, the officials informed that under the National Clean Air Policy Euro 5, Euro 6 Transport Technology Policy were being implemented.

The burning of crop residues was banned to control environmental pollution; they said and added that the government was preparing for the upcoming COP28 to be held in the United Arab Emirates.

Last week, it was reported that the IMF has demanded from the government to bring new taxpayers into the tax net. The Federal Board of Revenue has assured the visiting team of meeting the tax collection target of Rs 9,415 billion this year.

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