Pakistan has formally sought China’s support to join the BRICS New Development Bank (NDB), as Finance Minister Muhammad Aurangzeb met with China’s Deputy Finance Minister Liao Min on the sidelines of the IMF and World Bank meetings in Washington, D.C.
Aurangzeb, who is on a six-day visit from October 13–18, briefed the Chinese official on Pakistan’s recent staff-level agreement with the IMF, describing it as “external validation” of the government’s economic reforms. He requested Beijing’s backing for Pakistan’s bid to join the NDB and welcomed increased Chinese investment in key sectors such as ICT, agriculture, industry, and minerals.
The NDB, originally founded by Brazil, Russia, India, China, and South Africa in 2015, aims to mobilize financing for infrastructure and sustainable development projects while reducing dependency on the U.S. dollar and euro. Pakistan’s Economic Coordination Committee approved its membership earlier this year.
The meeting also covered progress on Pakistan’s planned Panda Bond issuance in China, with Aurangzeb expressing gratitude to China’s representatives at the IMF for their support during recent board meetings. He also extended an invitation to Liao Min to visit Pakistan.
Aurangzeb’s Washington trip included several high-level engagements. He met U.S. Congressman French Hill, chair of the U.S. House Financial Services Committee, to discuss enhancing Pakistan–U.S. economic ties, particularly in digital finance, IT, and the mineral sector. He also met with officials from Bangladesh, Japan, and Saudi Arabia, and spoke at seminars organized by the World Economic Forum and JP Morgan.
At the WEF dialogue on innovation, Aurangzeb emphasized the role of AI-driven monitoring and technology inclusion in boosting productivity. In a separate investor briefing with JP Morgan, he highlighted Pakistan’s “positive economic momentum” supported by improved macroeconomic management and external sector stability.
Meetings with Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan focused on PIA’s privatization and growing trade ties. Discussions with Japan Bank for International Cooperation Governor Nobumitsu Hayashi centered on the Reko Diq mining project, with assurances to safeguard foreign investor confidence.
Pakistan’s push for NDB membership reflects its strategy to deepen financial ties with BRICS economies and diversify funding sources beyond traditional Western institutions, as it works to stabilize its economy and attract investment.