Federal Finance Minister Muhammad Aurangzeb says China has given an encouraging response regarding Pakistan’s debt repayment.
Speaking to the media in Washington, he mentioned that China has responded positively to Pakistan’s request for the re-profiling of its power sector debts.
He added, “We have just begun discussions, and the response is encouraging.”
Additionally, in a conversation with the IMF Director, the finance minister said that non-taxpayers will be brought into the tax net.
He highlighted that pension obligations are a major issue for Pakistan, and the federal government’s expenditures are being reduced. He emphasized the shift from reliance on aid to focusing on investment, with plans to privatize loss-making institutions.
According to the Ministry of Finance, while addressing the G24 Ministers’ Meeting in Washington, the finance minister stressed the need to address the heavy debt burden on developing countries. He also emphasized the importance of collective action on climate change challenges faced by countries like Pakistan.
During his participation in the annual meetings of the IMF and World Bank in Washington, the finance minister met with his Saudi counterpart, where they expressed their commitment to boosting bilateral trade, facilitating investment in key sectors, and increasing cooperation in areas of mutual interest.
The finance minister also met with a delegation from Citibank to discuss reforms in the energy, pension, and government restructuring sectors.
