Key points
- Pakistan reaffirms its strong support for the SCO’s economic cooperation agenda
- Pakistan finance minister reiterates strong support for establishment of SCO Development Bank
- Outlines Pakistan’s digital financial initiatives aimed at expanding access to capital
ISLAMABAD: Pakistan’s Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, virtually addressed the Meeting of the Shanghai Cooperation Organization (SCO) Finance Ministers and Central Bank Governors held in Beijing, China, on Tuesday.
Due to the ongoing annual budget session in Pakistan, the minister was unable to travel to China but participated in the meeting via videoconference, reaffirming Pakistan’s strong commitment to the SCO’s economic cooperation agenda.
In his address, the finance minister expressed appreciation to the Government of the People’s Republic of China for hosting the meeting and reaffirmed Pakistan’s dedication to the vision and principles of the SCO.
“Shanghai Spirit”
He emphasised that the SCO is an essential platform for promoting regional cooperation, enhancing economic ties, and working towards shared prosperity, in line with the “Shanghai Spirit” and the SCO Charter.
The minister highlighted Pakistan’s ongoing efforts to strengthen economic cooperation within the SCO framework, calling for increased collaboration in trade, investment, and financial integration. He proposed initiatives such as joint ventures, technology transfer, and capacity-building programmes that could deliver mutual benefits to all member states.
Recognising the growing importance of the digital economy, he outlined Pakistan’s digital financial initiatives aimed at promoting inclusion and expanding access to capital. He pointed to programmes such as Roshan Digital Accounts and digital banking platforms, which have shown notable success in widening access to financial services.
Need for collective action
The finance minister stressed that the global economy is currently facing multiple challenges, including sluggish growth, rising inequality, and climate change. He underscored the need for collective action among SCO member states to address these issues and to ensure that the benefits of sustainable development are equitably shared among all countries in the region.
He noted that SCO member states can learn from one another’s experiences and successful policy models, especially those tailored to the unique needs of the developing world. Pakistan remains fully supportive of regional initiatives that aim to deliver long-term, sustainable development outcomes.
He emphasised Pakistan’s continued reform efforts which have led to notable macroeconomic stability and laid the foundation for sustainable and inclusive economic growth. These reforms, particularly in the areas of fiscal discipline, improvements in key economic indicators, reduction of the current account deficit, exchange rate stabilisation, and increased investor confidence, were highlighted as examples of Pakistan’s progress.
SCO Development Bank
The minister reiterated Pakistan’s strong support for the establishment of the SCO Development Bank, describing it as a pivotal institution to support infrastructure financing, promote development, and deepen regional economic integration. He envisioned the bank as forward-looking, incorporating digital finance, fintech innovation, and green financing tools into its operations. Pakistan looks forward to actively contributing to the technical discussions surrounding its establishment.
He also welcomed the operationalisation of the SCO Network of Financial Think Tanks, recognising it as a timely initiative that will foster evidence-based research, strategic foresight, and policy coordination among member states.
Pakistan’s economic progress
Earlier in the meeting, China’s Minister of Finance and the Governor of the People’s Bank of China acknowledged Pakistan’s economic progress and commended the Government of Pakistan for successfully stabilising the economy and advancing its reform agenda.
In conclusion, Senator Aurangzeb reiterated Pakistan’s unwavering commitment to deepening economic cooperation under the SCO framework. He expressed confidence that continued collaboration and mutual support among SCO member states would help unlock regional economic potential, promote resilience, and ensure a more inclusive and sustainable future for the entire region. He thanked all participating countries for their constructive engagement and once again expressed his appreciation to the Government of the People’s Republic of China for hosting this important meeting.
