- “We are very keen to join BRICS,” says Muhammad Aurangzeb.
- Finance czar says Islamabad wants to join trade organisations.
- Financing climate change resilience will not be feasible if it is less than $1 billion.
Washington: As the current government seeks to achieve economic stability in the country, Finance Minister Muhammad Aurangzeb has expressed his displeasure over the lack of trade with neighboring countries. News reported on Monday.
“Not to trade with your neighbors is irrational,” Aurangzeb told the newspaper, admitting that any “political connotations” or “geopolitical discussions” involved were outside his purview.
“We recently held a Shanghai Cooperation Organization (SCO) conference and we are very keen to join BRICS, because we want to join organizations or trade corridors and I think this is the right thing to do,” the finance tsar said, noting that all Intergovernmental organizations are essentially “regional corridors.”
Separately, at a news conference at the conclusion of his week-long visit and attending the annual meetings of the International Monetary Fund and World Bank in the fall, the minister said that everyone he met during his time in Washington acknowledged Pakistan’s efforts in implementing the reform agenda but were now being asked to “stay the course.” “The correct one.”
Aurangzeb further said that Islamabad has opened discussions with the IMF and World Bank on financing climate change resilience as well, but if “the quantum is less than $1 billion, it will not be meaningful.”
He announced that the World Bank agreed to provide special grants for capacity building projects. He reiterated that the National Fiscal Compact recently signed by all provinces was a “structural standard” agreed upon by Pakistan with the IMF.
The minister added that Pakistan is preparing to privatize state-owned enterprises, even some profitable ones, including Pakistan International Airlines (PIA) and Islamabad Airport after technical evaluations, while three distribution companies (Discos) were already in the first phase. from this process.
Earlier, the Minister of Finance met with Chinese Vice Minister of Finance Liao Min, where the two sides reaffirmed the comprehensive strategic cooperative partnership between the two countries.
The Minister thanked the Government of China for its unwavering support for Pakistan’s development and socio-economic growth, including securing the IMF Extended Fund Facility.
Liao Min informed that the Pakistani government wants to launch the inaugural Panda Bonds in the Chinese market to diversify the financing base. He asked the Chinese side to increase the limits under the currency swap agreement to 40 billion Chinese yuan.
According to a media briefing by the Ministry of Finance, the two sides stressed the necessity of settling payments online and integrating the payment systems in the two countries.