Davos: Finance Minister Muhammad Aurangzeb has highlighted Pakistan’s commitment to sustainable development, emphasizing efforts to tackle poverty and environmental concerns. Speaking at the World Economic Forum, he outlined strategies to reduce government expenditures and manage debt.
According to a statement by Ministry of Information and Broadcasting, Aurangzeb reported a significant reduction in Pakistan’s debt-to-GDP ratio, from 78% to 67%. This financial improvement is part of a broader plan to address pressing issues like population growth and environmental challenges.
Aurangzeb detailed Pakistan’s collaboration with the World Bank through a ten-year partnership program aimed at sustainable economic development. He also discussed the evolution of the China-Pakistan Economic Corridor (CPEC), noting a strategic shift towards enhancing business-to-business engagement in its second phase.
The Finance Minister expressed optimism about Chinese companies relocating production units to Pakistan, potentially transforming the country into a significant export hub. This move is seen as a key component of CPEC Phase II.