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Finance Minister Muhammad Aurangzeb met China’s Deputy Finance Minister Liao Min in Washington, seeking Beijing’s backing for Pakistan’s membership in the BRICS-founded New Development Bank (NDB). The discussion, held during IMF and World Bank meetings, focused on investment, the Panda Bond issuance, and strengthening economic cooperation.
Read more: Pakistan Joins BRICS-Backed New Development Bank
Finance Minister Muhammad Aurangzeb has sought China’s support for Pakistan’s membership in the BRICS-backed New Development Bank (NDB) during a meeting with Chinese Deputy Finance Minister Liao Min, according to a statement from the Ministry of Finance.
The meeting took place on the sidelines of the IMF and World Bank annual meetings in Washington. Aurangzeb shared updates on Pakistan’s recent staff level agreement with the International Monetary Fund, calling it a sign of confidence in the government’s economic reforms.
He also welcomed greater Chinese investment in agriculture, industry, minerals, and technology, and discussed the upcoming issuance of Pakistan’s Panda Bond in the Chinese market.
The minister thanked China for its continued support and invited Liao Min to visit Pakistan. The NDB, founded by Brazil, Russia, India, China, and South Africa, funds infrastructure and development projects across member countries. Pakistan’s membership was earlier approved by the Economic Coordination Committee (ECC).
