According to a press release issued by the finance ministry here, the finance minister and Minister for Power, Sardar Awais Ahmad Khan Leghari held meetings with the Governor of the People’s Bank of China (PBoC), Pan Gongsheng, and the Vice Administrator of National Energy Administration (NEA), Ren Jingong.
Ambassador Khalil Hashmi and officials of the Embassy accompanied the Ministers, according to the press release.
The discussions focused on the significant strides made by Pakistan in improving its macroeconomic indicators by focusing on reforms in taxation, energy, and privatization of state-owned enterprises.
The reforms have already started showing their results, particularly, reducing inflation from 38% to 13% marks a substantial achievement for the economy.
Additionally, the stabilization of the exchange rate and the bolstering of Foreign exchange reserves were highlighted as key factors contributing to the economic upturn.
There was consensus that such reforms are indispensable for achieving long-term stability and fostering sustainable economic growth.
The Governor’s recognition of Pakistan’s policy measures reflects a broader international perspective on the importance of economic resilience and the positive impact of prudent fiscal management, the statement added.
Pakistan’s plan to launch Panda Bonds
Underlining Pakistan’s plan to launch Panda Bonds, the Minister for Finance briefed PBoC and other Financial Institutions about the steps taken so far and sought the cooperation of the Chinese institutional investors in the capital market and sought benefit from the pro-business policies of the new Government.
Lauding President Xi Jinping’s Belt and Road Initiative (BRI) both the Ministers noted the achievements during the first phase of the China-Pakistan Economic Corridor (CPEC), a flagship project of BRI, for strengthening the infrastructure in energy, and transport sectors along with others.
It was highlighted that during the next phase of CPEC, the focus is on strengthening B2B cooperation, with the private sector playing a central role in the development and economic growth.
Meanwhile, in a meeting with Vice Administrator NEA, the Minister for Power expressed the government’s conviction to introduce energy reforms aimed at enhancing the efficiency of the power sector by addressing systemic issues and cutting transmission losses. He appreciated NEA for signing the MoU on improving governance of the Power Sector and expressed resolve to fast-track implementation of the agreement.
The Ministers also met the Executive Vice President of China Development Bank (CDB), the President of the National Association of Financial Market Institutional Investors (NAFMII), the Chairperson of the Silk Road Fund (SRF), the Chairman of China International Capital Corporation (CICC).
On the instructions of the Prime Minister, the two Ministers paid an official visit to Beijing from 24-26 July 2024 as part of the government’s efforts to implement the consensus reached at the leadership level during the former’s recent visit to China.
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