WASHINGTON: Islamabad has sought Beijing’s support for Pakistan’s inclusion in the New Development Bank (NDB) while also expressing appreciation for the growing Chinese investments in agriculture, industry, minerals, and other key sectors of the country’s economy.
During a meeting in Washington, DC, Federal Minister for Finance and Revenue Muhammad Aurangzeb held talks with Liao Min, Deputy Finance Minister of the People’s Republic of China, and formally sought China’s backing for Pakistan’s NDB membership, according to a media statement issued on Thursday.
“Mr 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 statement read.
The NDB is a multilateral development bank established by Brazil, Russia, India, China and South Africa (Brics) with the purpose of mobilising resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs).
In February this year, the Economic Coordination Committee (ECC) had approved the purchase of capital shares worth $582 million in the NDB, with $116 million as paid-in capital.
According to the Finance Division’s statement, the ECC approved Pakistan’s membership in the NDB, established by Brics member countries, and endorsed the purchase of 5,882 capital shares, amounting to $582 million, with $116 million as paid-in capital.
Pakistan had also applied for Brics membership in November 2024.
Panda Bond
In the same meeting, the finance minister also briefed Liao Min on the recently concluded staff-level agreement (SLA) with the International Monetary Fund (IMF), terming it an external validation of the government’s ongoing economic reform agenda.
The finance minister expressed gratitude to the Office of the Executive Director, IMF, for extending full support to Pakistan during recent Board meetings.
Aurangzeb also apprised China’s deputy finance minister of the latest developments regarding the issuance of the Panda Bond in the Chinese market. He also invited Liao Min to visit Pakistan at a mutually convenient time.
Separately, Aurangzeb held a “productive meeting” with Congressman French Hill, who is also the chairman of the US House Financial Services Committee, in Washington, DC.
According to the media release, the discussion focused on strengthening Pakistan-US economic and financial cooperation, with particular emphasis on the digitisation of financial services, development of the new economy, mineral sector collaboration, and broader partnerships in information technology.
“Both sides expressed interest in enhancing bilateral engagement to promote sustainable economic growth and innovation-driven collaboration between Pakistan and the US,” it added.