F.P. Report
ISLAMABAD: Pakistan has conveyed strong support for the establishment of SCO Development Bank.
The support was expressed by Finance Minister Muhammad Aurangzeb while virtually addressing the meeting of SCO Finance Ministers and Central Bank Governors being held in Beijing, China.
The Finance Minister said the SCO Development Bank will provide vital funding for infrastructure development projects to enhance regional connectivity and economic integration.
Muhammad Aurangzeb said we envision the bank as an institution for innovation, integrating digital finance, fintech solutions and bringing financing mechanisms into its core operations.
The Finance Minister said Pakistan remains committed to strengthening economic cooperation with the SCO framework, recognizing the organization’s significant progress in promoting regional stability and prosperity.
He said Pakistan supports initiatives that foster trade, investment and financial integration among the SCO member states. To achieve this, he said, Pakistan proposes exploring opportunities for joint ventures, technology transfer and capacity building programs that can benefit all member states.
Muhammad Aurangzeb emphasized the member countries should work together to address the challenges faced by the global economy and to promote sustainable development. He said Pakistan believes the SCO member states can learn from each other’s experiences and best practices in addressing these challenges in the Global South.
The Finance Minister also highlighted the progress made by Pakistan on macroeconomic stability front over the past one year. He mentioned that Pakistan has registered current account surplus and primary surplus. He said our currency is stable on the back of growing foreign exchange reserves while the inflation is at a multi-year low. He said structural reforms are underway, expressing the commitment to stay the course. He said Pakistan is well positioned for sustainable growth in the coming year.
