By Staff Reporter
ISLAMABAD: Finance Minister Muhammad Aurangzeb asked China for support in joining the New Development Bank established by the BRICS group, as the South Asian nation pushes for greater access to multilateral financing amid efforts to stabilise its economy.
The request came during a meeting with China’s Deputy Finance Minister Liao Min on the sidelines of the International Monetary Fund and World Bank plenary sessions in Washington, according to a statement from the Ministry of Finance on Friday. Aurangzeb arrived in the U.S. capital on Sunday for a six-day visit running through Oct. 18.
“Aurangzeb sought China’s support for Pakistan’s membership in the NDB and welcomed enhanced investment from Chinese enterprises in key sectors, including information and communication technology, agriculture, industry, and minerals,” the ministry said.
The New Development Bank, formerly known as the BRICS Development Bank, was set up in 2015 by founding members Brazil, Russia, India, China and South Africa to mobilise resources for infrastructure and sustainable development projects in BRICS countries. Headquartered in Shanghai, it provides loans, guarantees, equity participation and other financial instruments for public or private projects, according to its website. India originally proposed the bank to simplify mutual settlements and lending among BRICS nations and reduce reliance on the US dollar and euro.
Pakistan’s cabinet-level Economic Coordination Committee approved the country’s pursuit of NDB membership in February. During the meeting with Liao, Aurangzeb briefed the Chinese official on the staff-level agreement reached with the IMF last week, calling it “external validation of the government’s ongoing economic reform agenda.”
The two also discussed “latest developments regarding the issuance of the Panda Bond in the Chinese market,” the statement said. Aurangzeb expressed gratitude to the office of the executive director at the IMF for extending full support to Pakistan during recent board meetings and invited Liao to visit Pakistan at a “mutually convenient time.”
Aurangzeb’s Washington itinerary included a separate meeting with US Congressman French Hill, chairman of the House Financial Services Committee, where they explored ways to strengthen Pakistan-US economic and financial cooperation. The focus was on digitisation of financial services, development of the new economy, mineral sector collaboration and broader partnerships in information technology, the ministry said.
“Both sides expressed interest in enhancing bilateral engagement to promote sustainable economic growth and innovation-driven collaboration between Pakistan and the United States,” according to the statement.
The finance minister also held discussions with representatives from Bangladesh and Japan, and participated in seminars hosted by the World Economic Forum and JPMorgan Chase & Co. At the WEF dialogue on “Leveraging Innovation for Inclusive and Sustainable Growth,” Aurangzeb said “technology must be guided by inclusion and resilience strategies and highlighted the role of AI-led monitoring in boosting efficiency and productivity.”
He cited the example of AI-based interventions, such as satellite imagery, which have improved farmers’ incomes and service delivery in developing countries. In his address at the JPMorgan investment seminar on Pakistan’s economic and monetary policy outlook, Aurangzeb briefed investors on the “positive momentum of the economy,” adding that it is “fueled by sound macro management and enhanced fiscal and external sector stability.”
During a meeting with Japan Bank for International Cooperation Governor Nobumitsu Hayashi, Aurangzeb welcomed JBIC’s commitment to join the Reko Diq lender group and reassured him that “the government attaches high importance to ensuring the security and confidence of foreign investors.”
In talks with Special Envoy to the Hon’ble Chief Adviser of Bangladesh Lutfey Y Siddiqi, the minister underscored Pakistan’s commitment to “fostering closer regional economic cooperation.”
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