Pakistan has reaffirmed its commitment to regional economic integration and multilateral cooperation at the recent Meeting of the Shanghai Cooperation Organization (SCO) Finance Ministers and Central Bank Governors, held in Beijing. Due to the ongoing budget session in Islamabad, Federal Minister for Finance Senator Muhammad Aurangzeb addressed the gathering virtually, reiterating Pakistan’s active engagement with the SCO’s economic vision and goals.
In his virtual address, the finance minister expressed gratitude to the Government of the People’s Republic of China for organizing the high-level meeting and extended Pakistan’s strong support for the SCO’s economic cooperation framework. Emphasizing the importance of the “Shanghai Spirit” and the principles enshrined in the SCO Charter, he described the organization as an essential platform for driving regional development, enhancing economic ties, and fostering shared prosperity.
Aurangzeb highlighted Pakistan’s continued efforts to strengthen economic cooperation within the SCO framework and called for increased collaboration among member states in trade, investment, and financial integration. He proposed initiatives including joint ventures, technology sharing, and capacity-building programs that could yield mutual benefits and accelerate regional economic progress.
Addressing the global economic context, he noted that the world faces significant challenges such as sluggish growth, increasing inequality, and the impacts of climate change. He stressed the importance of joint action and collective responsibility among SCO countries to respond to these issues and ensure sustainable development outcomes that are inclusive and equitable.
Recognizing the digital economy’s transformative role, the finance minister shared details of Pakistan’s initiatives in the digital finance space. He highlighted programs like Roshan Digital Accounts and the country’s growing suite of digital banking platforms, which have expanded access to financial services and promoted financial inclusion. These efforts, he said, align with the broader goals of digital connectivity and integration within the SCO region.
The minister also emphasized Pakistan’s progress in implementing comprehensive macroeconomic reforms aimed at achieving fiscal discipline, stabilizing the exchange rate, narrowing the current account deficit, and rebuilding investor confidence. These reforms, he noted, have laid the groundwork for long-term and inclusive growth.
A key point of his address was Pakistan’s support for the establishment of the proposed SCO Development Bank. He described the envisioned institution as a critical driver of infrastructure financing, economic development, and deeper regional financial integration. He advocated for the inclusion of innovative tools such as digital finance, fintech capabilities, and green financing in the bank’s operational framework. Pakistan, he stated, looks forward to contributing to the technical and strategic planning for the new development bank.
Aurangzeb also welcomed the operationalization of the SCO Network of Financial Think Tanks, recognizing its value in facilitating research-driven policymaking and promoting greater coordination among member countries.
Earlier in the session, China’s Minister of Finance and the Governor of the People’s Bank of China acknowledged Pakistan’s economic progress, praising the country’s efforts to stabilize its economy and implement structural reforms.
In his concluding remarks, the finance minister reaffirmed Pakistan’s unwavering commitment to working closely with all SCO members to unlock the region’s full economic potential. He expressed confidence that through ongoing cooperation, shared innovation, and mutual support, SCO countries can build a more resilient, inclusive, and sustainable economic future.