Beijing: Pakistan’s economic reforms, focusing on taxation, energy, and privatization, have led to significant improvements in macroeconomic indicators, marking a substantial reduction in inflation and stabilization of the exchange rate. These achievements were highlighted during meetings between Pakistani ministers and top Chinese officials in Beijing.
According to Press Information Department, Senator Muhammad Aurangzeb, Minister for Finance & Revenue, and Sardar Awais Ahmad Khan Leghari, Minister for Power, met with Mr. Pan Gongsheng, Governor of the People’s Bank of China (PBoC), and Mr. Ren Jingong, Vice Administrator of the National Energy Administration (NEA). The discussions underscored the success of Pakistan’s engagement with the IMF and its internal reforms, which have notably reduced inflation from 38% to 13%.
The ministers briefed the Chinese officials on the steps taken towards economic stabilization and future plans, including the launch of Panda Bonds to attract investment from Chinese institutional investors. The ministers also discussed the achievements of the China-Pakistan Economic Corridor (CPEC) and its next phase, which focuses on enhancing business-to-business cooperation with the private sector playing a pivotal role.
In a separate meeting, the Minister for Power outlined upcoming energy reforms intended to improve the efficiency of Pakistan’s power sector by addressing systemic issues and reducing transmission losses. The ministers’ visit, from July 24 to July 26, aimed to consolidate the consensus reached during recent high-level engagements between the two nations, promoting sustainable economic growth and further cooperation under initiatives like the Belt and Road Initiative.