Federal Minister for Finance and Revenue, Mr. Muhammad Aurangzeb, met with Chinese Finance Minister, Mr. Lan Fo’an, in Washington D.C. During the meeting, Aurangzeb conveyed condolences to the Chinese government and people on the recent terrorist attack against Chinese nationals in Pakistan, reaffirming Pakistan’s commitment to ensuring their safety and security.
Aurangzeb praised China’s invaluable contributions to Pakistan’s development as an “all-weather friend,” particularly through initiatives like the China-Pakistan Economic Corridor (CPEC) and support at international financial institutions. He highlighted that while Phase-I of CPEC focused on infrastructure-building, Phase-II would involve monetizing assets through the operationalization of Special Economic Zones and relocation of Chinese Private-Owned Companies (POCs). The government expressed determination to accelerate Phase-II.
The Finance Minister thanked the Chinese government for their support, including SAFE deposits and regular roll-overs to address external financing gaps. He informed that Pakistan is entering into a larger and extended program with the IMF and seeks China’s support in this endeavor. Aurangzeb also briefed on the government’s priorities, which include broadening the tax base, reforming the energy sector, and overhauling State-Owned Enterprises (SOEs).
Furthermore, Aurangzeb stated Pakistan’s intention to tap into the Chinese Bond Market and launch Panda Bonds during the fiscal year 2025-26. Both sides agreed on the importance of continuing cooperation in international institutions to further mutual interests and strengthen bilateral ties.
