Finance Minister Muhammad Aurangzeb on Tuesday said that the ongoing structural reforms have ‘well-positioned’ Pakistan for sustainable growth. He made these remarks during a virtual address at the Meeting of Ministers of Finance and Chairmen of Central (National) Banks of SCO Member States, held in Beijing, China.
Aurangzeb shared that he had a desire to participate in the meeting in person, but due to the ongoing annual budget session in Pakistan, the minister was unable to travel to China.
In his address, the finance minister highlighted Pakistan’s recent macroeconomic indicators, including a “current account surplus, primary surplus on the fiscal side, a stable currency on the back of growing FX reserves and inflation at a multi-year low”.
He added that credit rating agencies have upgraded Pakistan’s sovereign rating.
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“This is on the back of structural reforms, which are well underway in sectors, i.e. taxation, SOE, energy and in the public finances. We are committed to staying the course and will be well-positioned for sustainable growth in the coming year.”
The finance minister reaffirmed Pakistan’s dedication to the vision and principles of the Shanghai Cooperation Organization (SCO).
He emphasised that the SCO is a vital platform for promoting regional cooperation, enhancing economic ties, and working towards shared prosperity, in line with the “Shanghai Spirit” and the SCO Charter.
The minister highlighted Pakistan’s ongoing efforts to strengthen economic cooperation within the SCO framework, calling for increased collaboration in trade, investment, and financial integration. He proposed initiatives such as joint ventures, technology transfer, and capacity-building programs that could deliver mutual benefits to all member states.
Recognising the growing importance of the digital economy, he outlined Pakistan’s digital financial initiatives aimed at promoting inclusion and expanding access to capital. He pointed to programs like Roshan Digital Accounts and digital banking platforms, which have shown notable success in widening access to financial services.
The finance minister stressed the need for joint solutions to address major issues such as the global economic slowdown, growing economic disparities, rising wave of protectionism and climate change and called for the adoption of a sustainable development that benefits all member states.
“Pakistan believes that SCO member states can learn from each other’s experiences and best practices in addressing these challenges in the global south,” he said.
The Senator highlighted the importance of infrastructure development and regional connectivity in enhancing economic growth and supported measures to improve transport, energy and digital connectivity in the region.
The minister reiterated Pakistan’s strong support for the establishment of the SCO Development Bank, describing it as a pivotal institution to support infrastructure financing, promote development, and deepen regional economic integration.
He envisioned the Bank as forward-looking, incorporating digital finance, fintech innovation, and green financing tools into its operations.
“We look forward to engaging on the technical details on the establishment of the SCO Development Bank,” he said.
The finance minister also welcomed the operationalisation of the SCO Network of Financial Think Tanks, and was hopeful that it would serve as an “excellent platform for research, analysis and strategic foresight in our financial cooperation”.
In conclusion, the finance minister reiterated Pakistan’s commitment to enhancing economic cooperation within the SCO framework. “We believe that our collective endeavours will promote economic prosperity, stability and sustainable development in our region,” he said.
