ISLAMABAD: The Federal Minister for Finance and Revenue, Mr. Muhammad Aurangzeb, met with Chinese Finance Minister, Mr. Lan Fo’an, in Washington D.C. Conveyed condolences on behalf of the leadership and people of Pakistan on the terrorist attack against Chinese nationals in Pakistan and reaffirmed commitment to their safety and security.
He lauded Chinese invaluable contribution to Pakistan’s development as an “all-weather friend” through initiatives such as China-Pakistan Economic Corridor (CPEC) and support at international financial institutions.
He informed that Phase-I of CPEC was about infrastructure-building and Phase-II would be about monetizing assets through operationalization of Special Economic Zones and relocation of Chinese Private-Owned Companies (POC).
He expressed the resolve of the government to accelerate Phase-II and thanked the Chinese government for SAFE deposits and their regular roll-overs to plug external financing gaps. He informed that Pakistan was entering into a larger and extended programme with IMF and looked forward to the support of China.
He briefed on priorities of the government including broadening the tax base, fixing the energy sector and overhauling the SOEs. He stated that Pakistan wanted to tap into the Chinese Bond Market and launch Panda Bond during FY 2025-26. Both sides agreed on the need to continue their cooperation in the international institutions.
The talks with other international financial institutions including the IMF were positive, the finance czar added stating that Pakistan has been greatly affected by climate change, and is working on several projects in collaboration with various international institutions.
Besides, the FM also met with the World Bank’s Regional Vice President for South Asia Martin Riser, in which Aurangzeb expressed satisfaction over the finalization of the new Country Partnership Framework.
He said that the government is achieving short and long-term goals in the fields of energy, tax reforms and SOEs, adding that WB’s focus on climate change, digitization and human development aligns with government priorities.
FM Aurangzeb also briefed on the role of the Special Investment Facilitation Council (SIFC) as a one-window facility for investment and facilitation.
