Pakistan has sought China’s support for its membership in the New Development Bank (NDB) — formerly known as the BRICS Development Bank — in an effort to broaden access to multilateral financing and strengthen economic cooperation between the two countries.
The development came during a meeting between Finance Minister Muhammad Aurangzeb and Liao Min, Deputy Finance Minister of the People’s Republic of China, on the sidelines of the IMF and World Bank meetings in Washington, D.C.
According to a statement issued by the Finance Division on Friday, Aurangzeb requested Beijing’s backing for Pakistan’s entry into the NDB and welcomed enhanced Chinese investment in key sectors, including ICT, agriculture, industry, and minerals.
The NDB, established by the BRICS nations (Brazil, Russia, India, China, and South Africa), focuses on financing infrastructure and sustainable development projects in developing economies. The bank has since expanded its membership beyond the original BRICS bloc to include other emerging markets.
During the meeting, Aurangzeb also briefed the Chinese deputy minister on Pakistan’s recently concluded Staff-Level Agreement (SLA) with the International Monetary Fund (IMF), describing it as an external validation of the government’s ongoing economic reforms. He also shared updates on the upcoming issuance of the Panda Bond in the Chinese market.
The finance minister expressed gratitude to the IMF Executive Director’s Office for its continued support and extended an invitation to Liao Min to visit Pakistan.
