Finance Minister Aurangzeb Highlights Structural Reforms and Digital Initiatives, Calls for Enhanced Regional Cooperation
Key Takeaways:
1. Pakistan’s finance minister reaffirmed the country’s commitment to regional economic cooperation and highlighted recent structural reforms at the SCO Finance Ministers’ meeting.
2. Aurangzeb called for increased collaboration in trade, investment, and digital finance, and strongly supported the creation of the SCO Development Bank.
3. Pakistan’s digital financial initiatives and macroeconomic stability were recognized as key achievements by regional partners, including China.
Islamabad, Pakistan – Pakistan’s Finance Minister, Senator Muhammad Aurangzeb, has reaffirmed the country’s dedication to regional economic cooperation during a virtual address at the Shanghai Cooperation Organisation (SCO) Finance Ministers and Central Bank Governors meeting, held in Beijing, China, on June 3. While unable to attend in person due to the ongoing budget session in Islamabad, Aurangzeb’s participation underscored Pakistan’s active role in shaping the SCO’s economic agenda.
Speaking to delegates from across the region, Aurangzeb thanked the Chinese government for hosting the event and reiterated Pakistan’s commitment to the SCO’s principles and the “Shanghai Spirit.” He highlighted the importance of the SCO as a platform for boosting regional collaboration, strengthening economic ties, and fostering shared prosperity.
The finance minister detailed Pakistan’s recent economic reforms, which have contributed to macroeconomic stability and laid the groundwork for sustainable and inclusive growth. Key reforms include fiscal discipline, a reduction in the current account deficit, exchange rate stabilization, and measures to increase investor confidence. These efforts, Aurangzeb noted, position Pakistan as a reliable partner in the region’s economic future.
Aurangzeb also emphasized the significance of digital financial initiatives, such as the Roshan Digital Accounts and digital banking platforms, which have expanded financial inclusion and access to capital for Pakistanis at home and abroad. He called for greater collaboration among SCO member states in trade, investment, and financial integration, proposing joint ventures, technology transfer, and capacity-building programs as avenues for mutual benefit.
Addressing global challenges like sluggish growth, rising inequality, and climate change, Aurangzeb stressed the need for collective action and knowledge-sharing among SCO countries. He voiced strong support for the establishment of the SCO Development Bank, envisioning it as a modern institution that would prioritize digital finance, fintech innovation, and green financing to drive regional development.
The meeting also saw China’s finance leaders commend Pakistan’s economic progress and reform agenda, recognizing the country’s efforts to stabilize its economy. Aurangzeb concluded by expressing optimism that continued cooperation within the SCO framework would unlock the region’s economic potential and ensure a more resilient, inclusive, and sustainable future.
