Pakistan has officially sought China’s backing for its entry into the New Development Bank (NDB) — formerly known as the BRICS Development Bank — as part of its broader effort to enhance access to global financing and deepen economic ties with Beijing.
The move marks a significant step in Islamabad’s ongoing strategy to diversify financial partnerships and attract investment through multilateral platforms. The request was made during a meeting between Finance Minister Muhammad Aurangzeb and Liao Min, Deputy Finance Minister of the People’s Republic of China, on the sidelines of international financial engagements in Washington DC.
Strengthening Economic Cooperation
According to a statement from Pakistan’s Finance Division, Aurangzeb sought China’s support for Pakistan BRICS Membership and welcomed greater Chinese investment in priority sectors, including information technology, agriculture, industry, and minerals.
The New Development Bank (NDB) was established by the BRICS nations — Brazil, Russia, India, China, and South Africa — to finance infrastructure and sustainable development projects across emerging economies. The bank has since expanded its membership to include several non-BRICS countries.
Aurangzeb emphasized Pakistan’s commitment to reform and stability, briefing his Chinese counterpart on the Staff-Level Agreement (SLA) recently concluded with the International Monetary Fund (IMF). He described it as an external validation of Pakistan’s economic recovery and fiscal discipline.
Panda Bond and Future Investment
The finance minister also shared updates on Pakistan’s upcoming Panda Bond issuance in China’s financial markets, aimed at attracting investment and strengthening bilateral financial integration. He expressed gratitude for China’s consistent support within global institutions, including the IMF, and invited Liao Min to visit Pakistan.
In addition to pursuing Pakistan BRICS Membership, Aurangzeb participated in the World Economic Forum’s (WEF) Future of Growth Initiative Dialogue on leveraging innovation for inclusive and sustainable growth. He stressed that technology should be guided by principles of inclusion and resilience.
Highlighting the use of AI-driven monitoring and satellite imagery, Aurangzeb noted that such tools have significantly improved agricultural productivity and service delivery in developing economies.
Expanding Multilateral Ties
Pakistan’s outreach for Pakistan BRICS Membership aligns with its ongoing efforts to strengthen international partnerships, attract sustainable investment, and expand its presence in key global economic forums.
Experts view the potential membership as a step toward greater economic resilience and regional cooperation, particularly as Pakistan looks to integrate more deeply into Asia’s emerging financial architecture.
In other news also read about Karachi Court Allows NAB to Seize Mall of Islamabad Linked to Malik Riaz
