Pakistan Joins BRICS-Backed New Development Bank

The Economic Coordination Committee (ECC), led by Finance Minister Muhammad Aurangzeb, has approved the purchase of 5,882 New Development Bank (NDB) shares for $582 million, with $116 million as paid-in capital. Joining NBD, supported by BRICS International Forum , improves Pakistan’s economic ties with the nations.

Additionally, ECC also allowed adding new Pakistan Standards & Quality Control Authority (Ministry of Sci. & Tech., Govt. of Pakistan) (PSQCA) items to the Import Policy Order, bringing certain #PVC and #polymer-based products under national regulations.

DISCOs’ shares have also been transferred to the President of Pakistan—free of financial strings. While Pakistan State Oil (PSO), got the green light to team up with Azerbaijan’s SOCAR Karyera to set up an International Joint Trading Company in Singapore, pending thorough due diligence.

Speaking of money—major allocations were approved, including Rs. 19.15 billion for 133 development projects, Rs. 5.36 billion for SDG programs in Sindh and KP, and Rs. 500 million for life-saving medicines. NADRA’s citizen centers, the President’s office, and the Digital Economy Enhancement Project also secured crucial funding.