Islamabad: Finance Minister Muhammad Aurangzeb highlighted China’s support for Pakistan’s ongoing negotiations with the International Monetary Fund (IMF), during a news conference held today. He stated that China has assured its role in helping Pakistan secure approval from the IMF’s board.

According to Ministry of Information and Broadcasting, Aurangzeb, alongside Minister for Energy Sardar Awais Ahmad Khan Leghari, recently visited China. During their visit, they engaged in productive discussions with key Chinese officials including China’s Finance Minister and the President of the Bank of China. The talks covered various topics including the restructuring of energy sector loans and the transition of power plants to coal to enhance affordable energy generation in Pakistan.

The Finance Minister also disclosed plans to issue Panda bonds to tap into one of the world’s largest capital markets and attract Chinese investors to boost Pakistan’s foreign exchange reserves. He noted that Prime Minister Muhammad Shehbaz Sharif has been actively involved in discussions with Chinese leadership about Pakistan’s energy needs, seeking support to address the country’s power supply challenges.

Aurangzeb further remarked on the positive progress of discussions with the IMF, emphasizing that all set benchmarks have been met. He acknowledged the continued support from China, Saudi Arabia, and the United Arab Emirates in fostering Pakistan’s economic growth and development.

Domestically, the government is taking steps to improve the economy, with a focus on broadening the tax base by incorporating previously non-taxed sectors. This initiative aims to simplify the tax return process and expand taxation to sectors like retail, real estate, construction, and agriculture. These measures are intended to alleviate the tax burden on existing taxpayers and provide necessary economic relief.