Finance Minister Highlights CPEC Phase II as Investment Catalyst
Finance Minister Muhammad Aurangzeb has emphasized that the China-Pakistan Economic Corridor (CPEC) is advancing from a government-led to a business-driven investment model in its second phase. In an interview with China's CGTN network, Aurangzeb described CPEC as a flagship project under China’s Belt and Road Initiative, marking substantial developments in infrastructure like road networks and ports. Now, with a focus on business-to-business engagements, Pakistan expects heightened investment from China to propel its economic growth.
P.c. China Pakistan Economic Corridor
Aurangzeb expressed gratitude to China for debt rollovers and affirmed Pakistan’s commitment to honoring its financial obligations upon CPEC’s successful completion. During discussions with China’s Vice Minister of Finance, he reiterated the strategic cooperative partnership between Pakistan and China, appreciating China’s role in facilitating Pakistan’s socio-economic advancement and securing the IMF’s Extended Fund Facility (EFF).
Amid his Washington visit, Aurangzeb also discussed energy sector reforms with US Assistant Secretary of State Geoffrey Pyatt, stressing Pakistan’s shift toward renewable energy. In addition, he engaged with Reta Jo Lewis, President of the Export-Import (EXIM) Bank of the United States, exploring investment prospects in Pakistan’s energy and IT sectors.
Other key meetings included talks with Natixis and Google executives, focusing on infrastructure, technology, and investment expansion in Pakistan. Discussions with Moody’s credit rating representatives highlighted Pakistan’s recent ratings upgrade to Caa2, underlining the resilience of Pakistan’s economy and its financial institutions.