Pakistan Seeks China’s Backing for BRICS Bank Membership
Pakistan has requested China’s support to join the BRICS-led New Development Bank (NDB). Finance Minister Muhammad Aurangzeb met Chinese Deputy Finance Minister Liao Min in Washington to discuss the proposal.
He appreciated China’s growing investment in Pakistan’s key sectors such as agriculture, industry, minerals, and technology. According to the finance ministry, Aurangzeb formally sought China’s backing for the country’s NDB membership.
The NDB, created by BRICS nations, funds sustainable projects and infrastructure in emerging economies. Therefore, Pakistan’s inclusion would open access to new financial resources and development partnerships.
Earlier this year, the Economic Coordination Committee approved the purchase of $582 million worth of capital shares in the NDB. Out of this, $116 million will serve as paid-in capital. In addition, Pakistan applied for BRICS membership in November 2024, showing its growing interest in regional cooperation.
Panda Bond and Global Ties
During the meeting, the finance minister shared updates on the staff-level agreement with the International Monetary Fund (IMF). He said the deal reflected international confidence in Pakistan’s economic reforms.
Aurangzeb also discussed the upcoming Panda Bond issuance in the Chinese market. He invited Liao Min to visit Pakistan soon to further strengthen cooperation.
Separately, Aurangzeb met US Congressman French Hill, chairman of the House Financial Services Committee. Their discussion focused on boosting Pakistan–US economic relations.
They explored collaboration in digital finance, the mineral sector, and the new economy. Both sides agreed to promote sustainable growth through innovation-driven initiatives.
As a result, Pakistan continues to build strong ties with global partners. Its focus on cooperation, transparency, and growth signals a positive shift toward long-term stability and global engagement.
