Pakistan Seeks China’s Support for BRICS Bank Membership

Washington: Pakistan has formally requested China’s support to join the New Development Bank (NDB), a financial institution founded by BRICS nations to support infrastructure and development projects in emerging economies.

The request was made during a meeting between Pakistan’s Finance Minister Muhammad Aurangzeb and Chinese Deputy Finance Minister Liao Min in Washington. According to an official statement released on Friday, the finance minister welcomed growing Chinese investments in Pakistan’s key sectors, including agriculture, industry, minerals, and information technology.

The New Development Bank was established by Brazil, Russia, India, China, and South Africa (BRICS) to provide funding for sustainable development in developing countries. In February, Pakistan’s Economic Coordination Committee (ECC) approved the purchase of 5,882 shares worth $582 million in the bank, including $116 million in paid-in capital. Pakistan also formally applied for BRICS membership in November 2024.

During the meeting, Aurangzeb also updated the Chinese official on Pakistan’s recent staff-level agreement with the International Monetary Fund (IMF), calling it a positive sign of the country’s ongoing economic reforms. He thanked the IMF’s Executive Director Office for their continued support during recent Board meetings.

The finance minister also discussed progress on Pakistan’s planned issuance of a Panda Bond in the Chinese market and extended an invitation to Liao Min to visit Pakistan soon.

In a separate meeting in Washington, Aurangzeb met with U.S. Congressman French Hill, who chairs the U.S. House Financial Services Committee. Their talks focused on enhancing Pakistan-U.S. economic cooperation, especially in financial digitisation, the tech sector, minerals, and the development of a “new economy.” Both sides agreed to strengthen collaboration for sustainable growth and innovation.