One of the financial constraints facing Pakistan is its structural dependency on international financial organizations, such as the International Monetary Fund (IMF).
For decades, Pakistan was offered the opportunity to evolve into a stable economic force in South Asia, but sustained external interference in its immediate neighborhood compelled priorities to remain out of sync. One of the chief impediments to this day is U.S. military overreach in Afghanistan, costing billions in life and blood to distance the masses from tangible governance reform.
But catastrophic floods, and their drastic humanitarian implications, present a unique case. On the one hand, this climate-induced challenge risks significantly straining Pakistan’s modest economy. At the same time, it puts the spotlight on Pakistan’s dire climate financing needs, which offers the new ruling coalition a chance to redirect international assistance towards service delivery reforms for long-term promise. In recent times, substantive climate diplomacy from Islamabad has led to a landmark global consensus on a “loss and damages” climate fund, chiefly for Pakistan. Add to it the persistent threat of more climate-induced catastrophes in the future, and Islamabad has a solid case to secure billions in climate reparations from the world’s top polluters. This creates an opportunity for good governance, because funds need to be transparently utilized, and the public will welcome any tangible post-flood reconstruction...
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