BEIJING: Federal Finance Minister Muhammad Aurangzeb has reiterated Pakistan’s determination to speed up work on CPEC Phase 2 while appreciating Chinese cooperation for the construction and development of the country during a meeting with his Chinese counterpart.
On the occasion of the meeting with the Chinese counterpart, Finance Minister Muhammad Aurangzeb said that Phase 1 of the China-Pakistan Economic Corridor (CPEC) was related to the construction of infrastructure while CPEC Phase 2 was related to the functioning of economic zones. Pakistan is looking to launch Chinese Panda Bonds during FY 2025-26.
During the meeting, the finance ministers of Pakistan and China stressed the need to continue cooperation between the two countries at international forums. Earlier, while addressing a conference organized by the World Bank, the Finance Minister referred to the report of the World Bank in which the road map for Pakistan was presented.
The report quoted by the finance minister said that Pakistan’s economy has the potential to reach from 300 billion dollars to 3 trillion dollars by 2047. The finance minister said while giving an interview with Chinese TV in Washington that our focus is on increasing the tax net.
He said that steps are being taken to bring down the rate of inflation in Pakistan. China has always played an active role in the construction and development of Pakistan. Currently, Pakistan is looking for long-term and large debt. The next IMF program will require at least $6 billion.
