ISLAMABAD: Finance Minister Muhammad Aurangzeb expressed his determination to speed up the second phase of CPEC in a meeting with his Chinese counterpart.
In Washington, Finance Minister Muhammad Aurangzeb met with his Chinese counterpart Lan Fuan, the federal finance minister told him that the first phase of CPEC is related to the construction of infrastructure, while the second phase is related to the operationalization of special economic zones and Chinese privately owned companies. (POC) will be about monetization of assets through transfer, he expressed the commitment of the Government of Pakistan to expedite the second phase of CPEC.
On this occasion, the Federal Finance Minister expressed condolences on behalf of the Pakistani leadership and people for the terrorist attack against the Chinese citizens in Pakistan and reiterated his determination to make all kinds of arrangements to protect the Chinese citizens. Mohammad Aurangzeb appreciated China’s invaluable contribution to Pakistan’s development as an “all-weather friend” through initiatives such as the China Pakistan Economic Corridor (CPEC) and cooperation in international financial institutions.
Federal Finance Minister Muhammad Aurangzeb also thanked Chinese Finance Minister Lan Fuan for meeting the gap in safe deposits and external financing and said that Pakistan is entering into a comprehensive and expanded program with the IMF. And looking forward to China’s support, the Chinese finance minister was also briefed on the government’s priorities, including broadening the tax base, reforming the energy sector and overhauling state-owned enterprises (SOEs).
The Federal Finance Minister said that Pakistan wants to launch the Chinese Panda Bond during the fiscal year 2025-26. At the end of the meeting, it was agreed on the need for both countries to continue cooperation in international institutions. He said that China has always supported the development of Pakistan, CPEC is a wonderful and exemplary project by China.
Speaking to the media in Washington, Mohammad Aurangzeb said that the country is on a reform agenda for economic stability, focusing on increasing the tax net while taking steps to reduce its taxes.
Finance Minister Muhammad Aurangzeb said that the talks with other international financial institutions including the IMF were positive, he added that Pakistan has been greatly affected by climate change, and is working on several projects in collaboration with various international institutions.
