Pakistan plans $ 1 billion debt-for-nature swap deal through 2023
Islamabad: Pakistan plans to enter into a billion dollar debt-for-nature swap agreement through 2023 by tying this financial relief to improving a country’s environment.
According to the details, Pakistan has been in contact with four countries and two international donor agencies for for-nature debt swap deals, which may see debt relief in exchange for binding commitments to meet conservation goals. One official said Pakistan has shown performance thanks to the Billion Tree Tsunami, Clean Green Pakistan, plastic bag ban, Pakistan recharging, ecosystem restoration and creation of twenty-three national parks over the past three years.
It is relevant to mention here that if Pakistan succeeds in making this kind of deal then it will not repay the debts, but against this part of the loan it will make progress in restoring the natural environment, be it biodiversity conservation or catering, or whether they are green jobs. Pakistan owes nearly $ 11.54 billion to the Paris Club of domestic lenders, including $ 1.42 billion to Germany, $ 175 million to Italy, $ 5 million to the UK and 403 million dollars in Canada. The Prime Minister’s Special Assistant for Climate Change Malik Amin Aslam said the International Monetary Fund and the World Bank should help countries like Pakistan that are making remarkable strides in conserving the natural environment.