Chinese Finance Minister welcomes Pakistan's economic progress, discussion on strengthening financial cooperation

Chinese Finance Minister Lan Foan expressed desire to participate in SCO Finance Ministers meeting in Islamabad, statement

Chinese Finance Minister Lan Foan welcomed Pakistan's economic progress in meeting with Federal Finance and Revenue Minister Muhammad Aurangzeb and on this occasion discussion was held on further strengthening financial cooperation between two countries.

Meeting of Federal Finance and Revenue Minister Muhammad Aurangzeb with Chinese Finance Minister Lan Foan was held in Bangkok on occasion of annual meeting of World Bank Group and International Monetary Fund (IMF).

According to statement issued after meeting of Finance Ministers of China and Pakistan, Pakistan's progress towards economic stability and gratitude was expressed for China's long-standing support in difficult economic conditions and Chinese Finance Minister welcomed Pakistan's improving economic situation and regaining access to global financial markets.

It was told in statement that discussion was held on strengthening bilateral financial cooperation between Pakistan and China, increasing access to international capital markets and advancing regional economic cooperation, successful issuance of Pakistan's first Panda Bond was reviewed, regulatory support in issuance of Panda Bond, support from AIIB for improving creditworthiness, competitive profit rate of 2.5 percent and strong interest of investors were included.

On this occasion resolve was reiterated to establish permanent presence of Pakistan as frequent sovereign issuer in Chinese capital market and after gap of 4 years, Pakistan's return to Eurobond market and plans for further issuance of Panda Bonds under approved program of 7.2 billion Chinese Yuan were discussed, continuous support of AIIB for further issuance of Panda Bonds was also discussed.

According to statement, Pakistan's chairmanship of Shanghai Cooperation Organization, preparations for upcoming summit and holding of SCO Finance Ministers meeting in Islamabad were discussed.

Chinese Finance Minister Lan Foan expressed desire to participate in SCO Finance Ministers meeting in Islamabad and proposed establishment of SCO Development Bank was also discussed.

Chinese delegation requested Pakistan's active participation and cooperation in building consensus in consultation regarding SCO Development Bank and Pakistan's resolve to advance establishment of SCO Development Bank was reiterated.

It was said in statement that progress was discussed towards building consensus regarding changes in proposed route of a project of China-Pakistan Highway.

Finance Minister Muhammad Aurangzeb informed Chinese counterpart about Pakistan's cooperation with Alibaba for promotion of training of skills related to digital transformation and artificial intelligence, resolve of government to implement agreed framework of cooperation and further strengthen cooperation in fields of digital transformation and artificial intelligence was reiterated.