Pakistan has formally requested $1 billion in funding from the International Monetary Fund (IMF) to help mitigate climate risk. The country is one of the most vulnerable to climate change and aims to use the funds for climate-related spending and transitioning to cleaner energy. Pakistan is also in talks with the Asian Infrastructure Investment Bank (AIIB) for credit enhancement for a planned Panda bond issuance. The government is targeting an initial issuance of $200-250 million by the end of June. Additionally, Pakistan is engaging with Middle Eastern banks for commercial loans and expects its foreign exchange reserves to reach $13 billion by March.