Pakistan expresses strong support for the establishment of a Shanghai Cooperation Organization (SCO) Development Bank.
Finance Minister Muhammad Aurangzeb voiced this support during a virtual address to the SCO Finance Ministers and Central Bank Governors’ meeting in Beijing, China.
He stated that the proposed SCO Development Bank would play a key role in financing infrastructure projects aimed at boosting regional connectivity and promoting economic integration.
Aurangzeb added that Pakistan envisions the bank as a modern institution that incorporates digital finance and fintech innovations into its core operations.
Reaffirming Pakistan’s commitment to economic cooperation under the SCO framework, the finance minister acknowledged the organization’s efforts in enhancing regional peace and prosperity. He emphasized Pakistan’s support for initiatives that promote trade, investment, and financial integration among member countries. He also proposed exploring joint ventures, technology sharing, and capacity-building efforts that would benefit all SCO states.
He stressed the need for collective action among SCO members to tackle global economic challenges and advance sustainable development. Pakistan, he said, believes in mutual learning and exchange of best practices to uplift the Global South.
Aurangzeb also shared that Pakistan has made considerable progress toward macroeconomic stability over the past year. He noted a current account and primary surplus, a stable currency supported by increased foreign exchange reserves, and multi-year low inflation. He added that structural reforms are underway and reaffirmed the country’s commitment to long-term economic stability and growth.
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