In the context of Punjab, the Punjab SDGs Framework and the Medium-Term Development Framework (MTDF) 2018-2021 are the key strategic documents used to inform development planning for the province. Guided by the MTDF, the Annual Development Program of Punjab implements the Government's development vision through strategic resource allocation aligned with the 2030 UN Agenda for Sustainable Development. However, the fiscal space for the provincial government can only expand to a limited extent each year which is often insufficient to finance SDGs and implement them effectively across the province. While other sources of funding as donor funding and public-private partnerships have gained traction over the years, there is still an imperative need to expand the fiscal space and develop concrete financing plans, models, and tools to finance SDGs in Punjab. It is achievable through an integrated finance strategy to bridge the existing financing gaps in the province.
The Punjab SDGs Unit has taken the lead in developing the Integrated Financing Strategy (IFS) for the province that aims to bridge the existing SDGs financing gaps through innovative financing models that will accelerate progress on sustainable development in Punjab. The financing strategy supports prioritizing financing policy actions that best respond to national goals, needs, and constraints while being instrumental in informing COVID-19 and Flood recovery plans, and It lays out how the Provincial SDGs Strategy will be financed and implemented by bringing together the existing provincial policies and instruments, promoting coherence with sustainable development objectives.
This initiative in developing innovative financing strategies could accelerate SDGs impact by the Government of Punjab through climate finance opportunities through the Green Climate Fund, infrastructure guarantee funds, and mortgage financing for housing.
