Islamabad: Pakistan has conveyed strong support for the establishment of the SCO Development Bank. The support was expressed by Finance Minister Muhammad Aurangzeb while virtually addressing the meeting of SCO Finance Ministers and Central Bank Governors being held in Beijing, China.

According to Radio Pakistan, the Finance Minister stated that the SCO Development Bank will provide vital funding for infrastructure development projects to enhance regional connectivity and economic integration. Muhammad Aurangzeb envisioned the bank as an institution for innovation, integrating digital finance, fintech solutions, and bringing financing mechanisms into its core operations.

The Finance Minister further emphasized Pakistan’s commitment to strengthening economic cooperation within the SCO framework, recognizing the organization’s significant progress in promoting regional stability and prosperity. He expressed support for initiatives that foster trade, investment, and financial integration among the SCO member states. To achieve this, Aurangzeb proposed exploring opportunities for joint ventures, technology transfer, and capacity building programs that can benefit all member states.

Muhammad Aurangzeb also highlighted the importance of collaboration among member countries to address global economic challenges and promote sustainable development. He stated that Pakistan believes the SCO member states can learn from each other’s experiences and best practices in addressing these challenges in the Global South.

Additionally, the Finance Minister underscored the progress made by Pakistan on the macroeconomic stability front over the past year. He mentioned that Pakistan has registered a current account surplus and primary surplus, with a stable currency backed by growing foreign exchange reserves, and inflation at a multi-year low. Structural reforms are underway, and Aurangzeb expressed commitment to maintaining this course, positioning Pakistan for sustainable growth in the coming year.