Federal Minister for Finance and Revenue Muhammad Aurangzeb has reaffirmed Pakistan’s strong commitment to the Shanghai Cooperation Organisation’s (SCO) economic cooperation agenda, a statement from the Finance Division said.
The minister virtually addressed the meeting of SCO Finance Ministers and Central Bank Governors held in Beijing, saying he was unable to attend due to the ongoing annual budget session in Pakistan.
In his address, the finance minister reaffirmed Pakistan’s dedication to the vision and principles of the SCO. “He emphasised that the SCO is an essential platform for promoting regional cooperation, enhancing economic ties, and working towards shared prosperity, in line with the “Shanghai Spirit” and the SCO Charter,” the statement said.
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 programmes that could deliver mutual benefits to all member states.
Aurangzeb 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.”
“Pakistan strongly supports its establishment. The bank will provide a vital source of funding for infrastructure and development projects, enhancing regional connectivity, and economic integration,” he was quoted in the statement as saying.
He envisioned the Bank as forward-looking, incorporating digital finance, fintech innovation, and green financing tools into its operations. Pakistan looks forward to actively contributing to the technical discussions surrounding its establishment, he said.
“We envision the bank as an institution for innovation, integrating digital finance, digital solutions and green financing mechanisms into its core operations, and look forward to engaging on the technical details of the establishment of the SCO development bank.”
He also welcomed the operationalisation of the SCO Network of Financial Think Tanks, recognising it as a timely initiative that will foster evidence-based research, strategic foresight, and policy coordination among member states, that will “serve as an excellent platform for regional analysis and strategic foresight in our financial cooperation”.
These reforms, particularly in the areas of fiscal discipline, improvements in key economic indicators, reduction of the current account deficit, exchange rate stabilisation, and increased investor confidence, were highlighted as examples of Pakistan’s progress.
