WASHINGTON – Federal Minister for Finance Muhammad Aurangzeb on Saturday termed the climate change a serious threat and a survival challenge for Pakistan.
Speaking at a high-level dialogue on the “Fund for Responding to Loss and Damage (FRLD)” in Washington, held on the sidelines of the Spring Meetings of the World Bank Group and the International Monetary Fund (IMF), Finance Minister Muhammad Aurangzeb addressed efforts to combat climate-induced losses and damages.
In his address, the finance minister described climate change as a grave threat and a survival challenge for Pakistan.
He stated that the purpose of establishing the “Fund for Responding to Loss and Damage (FRLD)” is to assist developing countries in coping with environmental changes including extreme weather events and slow-onset disasters.
Highlighting Pakistan’s role, Muhammad Aurangzeb said that Pakistan was among the leading advocates for the establishment of the “Loss and Damage Fund,”. He emphasized the need for the fund to become operational as soon as possible.
Supporting the call for maximum transparency, the finance minister stressed the importance of ensuring appropriate checks and balances for the fund and underlined the need for swift disbursement of resources.
He further stated that the fund must operate on simple and effective principles, and that least developed and environmentally vulnerable countries should not face the same difficulties in accessing funds as they have in the past.
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