PM Shehbaz Shares Reform Agenda with China EXIM Bank

PM Shehbaz Shares Reform Agenda with China EXIM Bank

BEIJING, China – On Thursday, Prime Minister Muhammad Shehbaz Sharif met with Dr. Wu Fulin, Chairman of the China Export-Import Bank (EXIM), to discuss Pakistan’s reform agenda and ongoing cooperation under the China-Pakistan Economic Corridor (CPEC).

During the meeting, Prime Minister Shehbaz Sharif outlined the Government of Pakistan’s comprehensive reform agenda, emphasizing key areas such as governance, taxation, and the ease of doing business to attract Foreign Direct Investment (FDI). Highlighting the progress made, PM Shehbaz noted that the reform measures have already started yielding positive results, including the successful tapering of food inflation, a reduction in the current account deficit, and a decrease in public debt to more sustainable levels.

Prime Minister Shehbaz expressed his gratitude for the EXIM Bank’s continued support, particularly in the modernization of Pakistan’s industries, agriculture, and IT sectors. Shehbaz also discussed the potential role of the China EXIM Bank in financing Pakistan-China joint venture projects and trade financing, aiming to boost Pakistan’s exports to international markets. “We are committed to creating an investor-friendly environment and are taking steps to simplify the business landscape to attract more foreign investments,” he remarked.

Dr. Wu Fulin, Chairman of the China EXIM Bank, reaffirmed the bank’s strategic partnership with Pakistan. He underscored the critical role of economic and financial cooperation under the second phase of CPEC, highlighting the shared objective of advancing sustainable development under the concept of ‘shared prosperity.’ He stated, “China EXIM Bank remains dedicated to supporting Pakistan’s economic growth and development. Our collaboration is aimed at fostering mutual benefits and long-term progress.”

The discussion between Prime Minister Shehbaz Sharif and Dr. Wu Fulin signifies a strengthening of economic ties and collaboration between Pakistan and China. The focus on reforms and strategic investments is expected to pave the way for enhanced bilateral trade and economic growth, contributing to the stability and prosperity of both nations.

This visit comes at a crucial time as Pakistan aims to revitalize its economy through structural reforms and improved fiscal management. The partnership with the China EXIM Bank is seen as a pivotal step towards achieving these goals, especially in light of the broader CPEC framework, which has been a cornerstone of Pakistan-China relations.

As Pakistan continues to implement its reform agenda, the support and partnership of key financial institutions like the China EXIM Bank will be crucial in driving forward the nation’s economic objectives and fostering long-term development. This collaborative effort underscores the importance of international cooperation in achieving sustainable development and economic stability in the region.