Aurangzeb, Awais meet Chinese officials in Beijing

ISLAMABAD: Without sharing a word on the rescheduling of Chinese IPPs and rollover in deposits, launching of Panda Bond and other issues, the minister for finance on Thursday underscored the special significance of China-Pakistan financial and banking cooperation in the all-weather and iron-clad strategic cooperative partnership between the two countries. He also thanked the Chinese side for its invaluable economic and financial support to Pakistan in time-tested way.

Senator Muhammad Aurangzeb, Minister for Finance & Revenue, and Sardar Awais Ahmad Khan Leghari, Minister for Energy, met Chinese Minister for Finance Lan Fo’an in Beijing. Ambassador Khalil Hashmi and other senior officials of the embassy were also present.

Aurangzeb informed the Chinese side about the government’s economic reform agenda, including efforts to strengthen tax revenue generation, energy and SOE reforms and achieve sustainable growth. He described the recently concluded agreement between the IMF and Pakistan as an important enabler to execute the reform agenda.

The minister for energy outlined the ongoing reforms in the energy sector. He emphasized the government’s resolve to successfully overcome the operational and organisational challenges. The minister of finance of China appreciated the Government of Pakistan’s resolve for a strong economic recovery while assuring China’s continued support to Pakistan’s economic development, including through high-quality development agenda, and assured continued support for Pakistan in the strategic partnership.

He explained the Chinese experience of structural reforms over the last 30 years and suggested that this could be a good example for Pakistan to emulate. Lan emphasized that both countries have a longstanding partnership.

Later, Senator Muhammad Aurangzeb and Sardar Awais Ahmad Khan Leghari also held a useful meeting with the President of China Export and Credit Insurance Corp (SINOSURE) at its headquarters and discussed the latest reform agenda of the Government of Pakistan.

During the meeting, both ministers lauded SINOSURE’s role in the development of Pakistan, particularly during the first phase of CPEC. They showed confidence that SINOSURE will continue its full support for completing ongoing and new projects under the second phase of CPEC, especially now led by the private sector.

President of China Export and Credit Insurance Corp (SINOSURE) welcomed the delegation and reiterated Sinosure’s commitment towards the execution of socio-economic uplift projects under CPEC, including B2B projects.