Washington DC, Federal Minister for Finance and Revenue, Mr. Muhammad Aurangzeb, met with Chinese Finance Minister, Mr. Lan Fo’an, in Washington D.C. to discuss bilateral relations and economic cooperation. During the meeting, Aurangzeb expressed condolences on behalf of Pakistan’s leadership and people regarding the recent terrorist attack against Chinese nationals in Pakistan, reaffirming the country’s commitment to ensuring the safety and security of Chinese citizens and investments.
According to Press Information Department, the Finance Minister lauded China’s contributions to Pakistan’s development, describing China as an “all-weather friend” due to initiatives such as the China-Pakistan Economic Corridor (CPEC) and support at international financial institutions. Aurangzeb detailed the progress of CPEC, noting that Phase-I focused on infrastructure building, while Phase-II will involve monetizing assets through the operationalization of Special Economic Zones and the relocation of Chinese Private-Owned Companies (POC). He expressed the government’s commitment to accelerating Phase-II.
Aurangzeb thanked the Chinese government for SAFE deposits and their regular roll-overs, which have helped plug external financing gaps. He also informed the Chinese Finance Minister that Pakistan is entering into a larger and extended program with the International Monetary Fund (IMF) and looks forward to China’s support.
The Finance Minister outlined the government’s priorities, which include broadening the tax base, addressing issues in the energy sector, and overhauling state-owned enterprises (SOEs). He mentioned that Pakistan aims to tap into the Chinese Bond Market and launch a Panda Bond during the fiscal year 2025-26.
Both sides agreed on the importance of continued cooperation within international institutions, emphasizing the need to maintain strong ties and support each other’s economic development goals.