Debt Sustainability, Climate Crisis and Development: Assessing the IMF’s ‘Green Austerity’ in Response to Pakistan’s 2022 Floods

Hashim Bin Rashid (), Zain Moulvi and Shehrzadae Moeed
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Hashim Bin Rashid: University of Pennsylvania
Zain Moulvi: Alternate Law Collective (ALC)
Shehrzadae Moeed: Alternate Law Collective (ALC)

Development, 2024, vol. 67, issue 3, 291-304

Abstract: Abstract Drawing on how the IMF responded to Pakistan’s devastating 2022 floods, the article assesses ongoing efforts within the IMF to integrate debt sustainability and climate. The article shows how the economic metrics of Pakistan declined significantly due to the IMF’s insistence on austerity, and how a new climate-integrated Stand-By-Agreement for Pakistan in 2023 fails to account for climate-debt risks in its Debt Sustainability Analysis.

Keywords: South Asia; Environment; Adaptation; Inflation; Subsidies (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1057/s41301-025-00423-z

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