Islamabad, 20 March 2024 (TDI): On March 19, 2024, the Chinese Ambassador, Jiang Zaidong, met with Pakistan’s Minister for Finance and Revenue, Muhammad Aurangzeb, to discuss pivotal aspects of economic cooperation and bilateral ties between the two nations.
Following Muhammad Aurangzeb’s nomination as Federal Minister for Finance and Revenue, Jiang Zaidong congratulated him and expressed hope for the continued development of the two countries’ economic ties.
Moreover, Zaidong expressed confidence in further enhancing economic relations. Minister Aurangzeb, in turn, thanked China for its substantial support, notably highlighting the rollover of SAFE deposits.
Pakistan avoided an early default with the assistance of a $1 billion loan from the Chinese government and $1.3 billion in commercial debts that have been refinanced.
Furthermore, the Chinese Ambassador expressed his gratitude for the refinancing of commercial loans. The loan contributed significantly to Pakistan’s economic stability.
Emphasizing the vital role of the China-Pakistan Economic Corridor (CPEC) in Pakistan’s growth strategy, Minister Aurangzeb and Ambassador Jiang agreed to bolster collaboration in various sectors.
Additionally, the sections included industrial zones, mineral resources, agriculture, and renewable energy. They discussed the upcoming phase of CPEC, focusing on maximizing gains from the initial phase.
Enhancing economic, cultural, and strategic cooperation between China and Pakistan is the goal of this strategic bilateral initiative.
Pakistan-China-US Ambassadors Meeting
In addition to this, the ambassadors also met with Donald Blome, US Ambassador of the United States to Pakistan. Blome emphasized that the country’s new administration is committed to achieving macroeconomic stability and is well-prepared to overcome obstacles.
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The focus lies on achieving fiscal and debt sustainability, ensuring social protection, and rebuilding foreign exchange reserves.
He reaffirmed the government’s commitment to finishing the current IMF program. Additionally, he spoke about the need to carry out the economic reform process.
The process refers to the one, that started under the Extended Fund Facility (EFF) 2019 and Stand-By Arrangement (SBA) 2023. In closing, both sides reiterated their commitment to deepening economic ties.
