Pakistan Seeks China’s Support for BRICS-Backed Bank Membership
WASHINGTON D.C. – Pakistan is actively seeking China’s backing for its membership in the New Progress Bank (NDB), the multilateral development bank established by the BRICS nations (Brazil, Russia, India, China, and South Africa), Finance Minister Muhammad Aurangzeb stated during a series of meetings in Washington this week. The move signals Pakistan’s deepening engagement with the BRICS economic bloc and its pursuit of choice financing avenues amid ongoing economic challenges.
Aurangzeb’s meetings, conducted on the sidelines of the Spring Meetings of the International monetary Fund (IMF) and the World Bank, included discussions with Japan Bank for International Cooperation (JBIC) Governor nobumitsu Hayashi and Special Envoy to the Hon’ble Chief adviser of Bangladesh Lutfey Y Siddiqi. He emphasized the government’s commitment to attracting foreign investment and fostering regional economic cooperation. Pakistan views NDB membership as a crucial step towards diversifying its funding sources and accelerating infrastructure development.
During his meeting with Hayashi, Aurangzeb welcomed JBIC’s commitment to join the lender group for the Reko Diq mining project and reassured the governor that “the government attaches high importance to ensuring the security and confidence of foreign investors.” He also underscored Pakistan’s commitment to “fostering closer regional economic cooperation” during a meeting with Siddiqi.
Aurangzeb’s six-day visit, concluding tomorrow, has also included engagements with media outlet Bloomberg and discussions with scholars and economists at the Atlantic Council, were he outlined Pakistan’s approach to economic reform, disaster response, and private-sector-led growth. He also met with an S&P Global team, acknowledging their recent ratings action and noting the alignment of the three major international ratings agencies.
Earlier in the week, Aurangzeb met with Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan, discussing the privatization process of Pakistan International Airlines (PIA) and key airports, as well as growing trade and investment relations between the two countries.
