Muhammad Aurangzeb and Lan Fo'an discuss CPEC progress

The Federal Minister for Finance and Revenue, Muhammad Aurangzeb, recently held a crucial meeting with his Chinese counterpart, Lan Fo’an, in Washington D.C. During the meeting, Minister Aurangzeb reiterated the Pakistani government's commitment to expediting Phase-II of the China-Pakistan Economic Corridor (CPEC). He praised China as an 'all-weather friend' for its significant contributions to Pakistan's development, particularly through initiatives like CPEC and support in international financial institutions.

Minister Aurangzeb highlighted that while Phase-I of CPEC focused on infrastructure development, Phase-II aims to leverage assets by operationalizing Special Economic Zones and facilitating the relocation of Chinese Private-Owned Companies (POCs) to Pakistan. He expressed gratitude to the Chinese government for their SAFE deposits and continuous roll-overs to address external financing challenges.

Furthermore, Aurangzeb disclosed that Pakistan is embarking on an extensive program with the International Monetary Fund (IMF) and sought China's backing in this endeavor. He outlined the government's key priorities, including expanding the tax base, revamping the energy sector, and restructuring State-Owned Enterprises (SOEs). The Minister also revealed Pakistan's intention to access the Chinese Bond Market and launch a Panda Bond in the fiscal year 2025-26.

Both sides affirmed the importance of sustaining their collaboration in international forums. Minister Aurangzeb extended condolences on behalf of Pakistan for the recent terrorist attack on Chinese nationals within Pakistan and reassured China of Pakistan's unwavering commitment to ensuring their safety and security.

The meeting between the finance ministers of Pakistan and China underscored the deep-rooted friendship between the two countries and their shared commitment to advancing economic cooperation through CPEC and other strategic initiatives. The discussions held pave the way for enhanced collaboration in various sectors, including finance, infrastructure, and security, fostering stronger bilateral ties and mutual prosperity.