ISLAMABAD – Federal Minister for Finance and Revenue Muhammad Aurangzeb met with Chinese counterpart Lan Fo’an, in Washington D.C and expressed the resolve of the government to accelerate the Phase-II of the China-Pakistan Economic Corridor (CPEC).
The Pakistan finance minister lauded Chinese invaluable contribution to Pakistan’s development as an “all-weather friend” through initiatives such as 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).
Aurangzeb 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 also briefed the Chinese official 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 Pakistan minister also 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.
