Farmers use a boat to transport milk in a flood-affected area on the outskirts of Multan, east-central Pakistan. — AFP
THERE is no bigger threat to Pakistan’s macroeconomic and financial stability than climate shocks. Around this time last year, the country was hit by floods costing US$30bil (RM135.8bil) that have derailed economic growth and development. This sad fact was not lost on the International Monetary Fund (IMF).
It has now integrated climate risks as a touchstone in all its lending operations. The staff-level Stand-by Agreement (SBA) with Pakistan is no exception, even if it is not always publicly recognised.
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