Pakistan reaffirms commitment to SCO economic agenda

June 03, 2025 (MLN): Pakistan reaffirmed its strong commitment to the Shanghai Cooperation Organization’s (SCO) economic cooperation agenda during a virtual address by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.

The Minister participated in the Meeting of the SCO Finance Ministers and Central Bank Governors held in Beijing, China, via videoconference due to the ongoing annual budget session in Pakistan.

In his remarks, he appreciated the Government of the People’s Republic of China for hosting the meeting and reiterated Pakistan’s dedication to the SCO’s principles and vision, according to the press release issued today.

He emphasized that the SCO plays a vital role in enhancing regional cooperation, strengthening economic ties, and working towards shared prosperity under the "Shanghai Spirit" and SCO Charter.

Aurangzeb highlighted Pakistan’s efforts to promote economic collaboration within the SCO framework and called for increased engagement in trade, investment, and financial integration.

He proposed joint ventures, technology transfer, and capacity-building initiatives as pathways to mutual benefit for all member states.

Addressing the rise of the digital economy, the Minister shared Pakistan’s digital financial initiatives aimed at inclusion and broader access to capital, citing the success of Roshan Digital Accounts and digital banking services.

He noted that the global economy is facing critical challenges such as slow growth, rising inequality, and climate change, stressing the need for collective SCO action to ensure equitable sustainable development.

Aurangzeb emphasized the importance of learning from member states’ experiences and supporting regional strategies tailored to the developing world’s needs.

He underlined Pakistan’s ongoing reform agenda, which has resulted in macroeconomic stability and laid the groundwork for inclusive growth through fiscal discipline, improved indicators, current account deficit reduction, exchange rate stability, and stronger investor confidence.

Reiterating Pakistan’s endorsement of the proposed SCO Development Bank, he described it as essential for infrastructure financing, economic development, and deeper regional integration.

He envisioned the bank as a modern institution incorporating digital finance, fintech innovation, and green financing, with Pakistan ready to contribute to its technical development.

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