Finance Minister lauds China’s invaluable contribution to Pakistan’s development, meets Chinese counterpart

Islamabad: Federal Minister for Finance and Revenue Muhammad Aurangzeb, met with the Chinese Finance Minister Lan Fo’an, on the sidelines of the IMF/World Bank Spring Meetings in Washington this week.

During the meeting, Muhammad Aurangzeb lauded China’s invaluable contribution to Pakistan’s development through initiatives such as the China-Pakistan Economic Corridor (CPEC) and support at international financial institutions.

According to an official statement issue here, the Finance Minister apprised the Chinese counterpart of the progress on CPEC.

He said that Phase-I focused on infrastructure development, while Phase-II would emphasize monetizing assets through the operationalization of Special Economic Zones and relocation of Chinese Private-Owned Companies (POCs).

He expressed the government’s resolve to accelerate Phase-II of CPEC. Finance Minister also expressed gratitude to the Chinese government for the SAFE deposits and their regular roll-overs, which have played a crucial role in addressing Pakistan’s external financing gaps.

Muhammad Aurangzeb informed the Chinese Minister that Pakistan was entering into a larger and extended program with International Monetary Fund (IMF) and looked forward to China’s continued support.

He also briefed him on the government’s priorities, including broadening the tax base, fixing the energy sector, and overhauling the state-owned enterprises (SOEs).

He stated that Pakistan aimed to tap into the Chinese Bond Market and launch Panda Bonds during the fiscal year 2025-26. Both sides agreed on the need to continue their cooperation within international institutions, reflecting deep-rooted economic ties between the two countries.

Finance Minister conveyed condolences on behalf of the leadership and people of Pakistan over the recent terrorist attack against Chinese nationals in Pakistan.

He reaffirmed Pakistan’s unwavering commitment to ensuring the safety and security of Chinese citizens and investments in the country.