Pakistani Finance Minister Meets with Chinese Counterpart

Sat Apr 20 2024
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WASHINGTON DC: Pakistan’s Federal Minister for Finance and Revenue, Muhammad Aurangzeb, met with Chinese counterpart Lan Fo’an, in Washington D.C. and conveyed condolences on behalf of the leadership and people of Pakistan on the terrorist attack against Chinese nationals in Pakistan.

He reaffirmed Pakistan’s 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 the Chinese minister 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).

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He expressed the resolve of the government to accelerate Phase-II as he thanked the Chinese government for SAFE deposits and their regular roll-overs to plug external financing gaps.

Aurangzeb said that Pakistan was entering into a larger and extended programme with IMF and looked forward to the support of China. He briefed the Chinese official on priorities of the government including broadening the tax base, fixing the energy sector and overhauling the SOEs.

He said 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.



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