ISLAMABAD: In a recent statement, Finance Minister Muhammad Aurangzeb expressed concern over the limited trade with neighboring countries, highlighting its irrationality in the context of the current government’s efforts to stabilize the economy. Speaking to The News, he stated, “Not trading with your neighbors does not make sense,” while noting that political and geopolitical discussions surrounding this issue were outside his purview.
Reflecting on a recent Shanghai Cooperation Organisation (SCO) conference, Aurangzeb conveyed Pakistan’s eagerness to join BRICS, underscoring the nation’s desire to engage with trade organizations and corridors. “All intergovernmental organizations essentially function as regional corridors,” he remarked.
During a press briefing following his participation in the annual International Monetary Fund (IMF)-World Bank Fall meetings, the minister reported that international counterparts acknowledged Pakistan’s reform efforts but urged the country to “stay the course.” He also discussed ongoing dialogues with the IMF and World Bank regarding climate resilience financing, asserting that any funding below one billion dollars would lack significance.
Aurangzeb announced that the World Bank has agreed to provide special grants for capacity-building initiatives and emphasized the National Fiscal Pact recently signed by all provinces as a “structural benchmark” in line with IMF commitments.
He revealed plans for the privatization of state-owned enterprises, including the profitable Pakistan International Airlines (PIA) and Islamabad Airport, following technical evaluations. Three distribution companies (Discos) are currently in the initial phase of this process.
Earlier in his visit, Aurangzeb met with China’s Vice Minister of Finance, Liao Min, reaffirming the strategic partnership between the two nations. He expressed gratitude for China’s support in Pakistan’s socio-economic development, particularly in securing the IMF’s Extended Fund Facility (EFF). He also shared Pakistan’s intention to launch an inaugural Panda bond in the Chinese market to diversify its financing sources, while requesting an increase in limits under the Currency Swap Agreement to CNY 40 billion.
According to a briefing from the Ministry of Finance, both parties highlighted the need for online payment settlements and the integration of payment systems between the two countries.
