Achi news desk-
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Nuzaira Azam
Washington, DC: Federal Minister of Finance and Revenue, Muhammad Aurangzeb, met with Chinese Minister of Finance, Lan Fuan, in Washington DC. Conveyed condolences on behalf of the leadership and people of Pakistan over the terrorist attack against Chinese nationals in Pakistan and reaffirmed commitment to their safety and security.
He praised China’s important contribution to Pakistan’s development as an “all-weather friend” through initiatives such as the China-Pakistan Economic Corridor (CPEC) and support to international financial institutions.
He announced that Phase I of CPEC is about building infrastructure and Phase II will be about asset monetization through the operation of Special Economic Zones and the transfer of Privately Owned Chinese Companies (POCs).
He expressed the government’s determination to speed up phase two. He thanked the Chinese government for their safe deposits and regular returns to plug external funding gaps.
He said that Pakistan is entering into a large and extended program with the International Monetary Fund and expects China’s support. He briefed the government’s priorities, including expanding the tax base, overhauling the energy sector and overhauling state-owned companies.
He stated that Pakistan wanted to connect with the Chinese bond market and launch the Panda Bond during 2025-2026. Both sides agreed on the need to continue their cooperation in the international institutions.
