FinMin reiterates expediting work on CPEC's phase II

WASHINGTON: Finance Minister Muhammad Aurangzeb met his Chinese counterpart Lan Foan in Washington on Friday and discussed bilateral cooperation and economic relations between the two friendly nations, ARY News reported.

Muhammad Aurangzeb reiterated the Pakistani government’s determination to expedite the phase II of the China-Pakistan Economic Corridor (CPEC).

The finance minister also appreciated China’s significant contribution to Pakistan’s development, acknowledging the country’s role in various infrastructure projects.

Muhammad Aurangzaib also expressed condolences over the recent terrorist attack on Chinese citizens in Shangla, condemning the incident and offering support to the Chinese government.

He expressed gratitude for China’s support for Paksitan in various global forums. Muhammad Aurangzeb sought China’s support in the International Monetary Fund (IMF) programme, which Pakistan is currently negotiating.

China’s Finance Minister Lan Foan indicated plans to launch Panda Bonds during the fiscal year 2025-26.

The meeting concluded with both ministers agreeing on the need to continue cooperation in international organisations, ensuring a strong partnership between Pakistan and China.

Earlier Finance Minister Muhammad Aurangzeb told Reuters that Pakistan hopes to agree the contours of a new International Monetary Fund (IMF) loan in May.

According to the finance minister, the government has kicked off talks with ratings agencies to lay the groundwork for a return to international debt markets.

The country’s current $3 billion arrangement with the fund runs out in late April and the government is seeking a longer and bigger loan to help bring permanence to macroeconomic stability as well as an umbrella under which the country can execute much needed structural reforms, the minister said.