The United Nations Development Programme (UNDP) Representative in Pakistan, Dr Samuel Rizk, said the country faces a severe financing gap in dealing with climate change and related development challenges.
He said that Pakistan needs around $50 billion by 2030 to meet its development goals. "The International Monetary Fund and the World Bank together provide between seven and $10 billion each year, while the Asian Development Bank contributes about $2 billion, with additional funding from the International Finance Corporation," Rizk added.
Rizk said Pakistan will have to allocate 15 to 16 per cent of its GDP over the next five years to achieve its targets. He added: "Although Pakistan’s macroeconomic indicators are now more stable than before, the country is moving in the opposite direction in terms of social progress.
He added that Pakistan remains far behind in the global ranking of human development. Rizk said that the limited international financing has increased the financial burden on the government.
The UNDP has recommended raising funds for natural disasters, development projects and other key sectors to help Pakistan meet its national and global commitments.
