ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif and Chinese President Xi Jinping on Wednesday agreed to enhance cooperation on the China-Pakistan Economic Corridor (CPEC) and strengthen bilateral strategic partnership during their meeting, the Prime Minister’s Office (PMO) said in a statement.
Sharif arrived in Beijing on Tuesday on his maiden two-day official visit to the country since assuming office in April. Pakistan’s prime minister is in Beijing to meet the Chinese leadership and discuss the $65 billion economic corridor in Pakistan that connects China to the Arabian sea.
Sharif is one of the first foreign leaders to visit China since President Xi Jinping secured an unprecedented third term as general secretary at the Chinese Communist Party’s 20th party congress this month.
A delegation consisting of federal ministers, special assistants, and senior government officials is accompanying the prime minister on his visit to China.
CPEC, a flagship project of Beijing’s Belt and Road infrastructure initiative, is a $65 billion network of roads, railways, pipelines, and ports in Pakistan that will connect China to Pakistan’s ports and help Islamabad expand and modernize its economy and meet major energy needs.
“In the meeting, mutual cooperation between China and Pakistan, especially in economic fields, was discussed,” the PMO said, adding both leaders met at the Great Hall of the People in Beijing. “Both sides agreed to increase multilateral cooperation, including CPEC, between China and Pakistan and further strengthen strategic partnership,” the statement added.
As per the PMO, Sharif thanked Jinping for China’s assistance to Pakistan to recover from devastating floods that have killed over 1,700 in the country since mid-June.
The Chinese president assured Sharif that Beijing would continue to extend its support to Pakistan for sustainable economic development and to harness its potential as a geo-economic hub.
He also announced an additional assistance package of RMB 500 million for Pakistan’s post-flood relief and rehabilitation efforts, the PMO said.
PM Sharif invited President Jinping to visit Pakistan at an early date, to which the Chinese president agreed, the PMO said.
In a separate meeting with Chinese investors and representatives of Chinese companies, PM Sharif invited them to invest in drinking water supply and solar power projects in Pakistan.
Sharif’s government alleges that the CPEC project was slowed down during the tenure of ousted former premier Imran Khan, a charge the latter denies.
“I am aware that there have been many problems in the past for which we apologize but after assuming power on April 11, 2022, we have solved the majority of the problems,” Sharif said during the meeting.
“160 billion rupees owed to Chinese companies have been paid and a revolving fund has been created from 50 billion rupees by the State Bank,” he added.
Sharif said that the best possible security measures were being undertaken to protect safety of Chinese residents in Pakistan.
PM Sharif is scheduled to meet his Chinese counterpart, Li Keqiang, later in the day.
PM Sharif, President Xi agree to enhance cooperation on CPEC, strategic partnership
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PM Sharif, President Xi agree to enhance cooperation on CPEC, strategic partnership
- Sharif is on a two-day visit to China with a high-level delegation to discuss debt, CPEC project
- Xi Jinping announces RMB 500 million in flood aid for Pakistan, says Prime Minister’s Office
Pakistan’s finance chief heads to Riyadh to highlight climate funding priorities at global summit
- Muhammad Aurangzeb will join high-level talks on securing capital for climate adaptation and resilience
- The visit includes bilateral meetings with senior Saudi officials to deepen bilateral economic cooperation
ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb left for Saudi Arabia on Wednesday to attend the Global Development Finance Conference in Riyadh, said an official statement, where he will present Islamabad’s perspective on climate adaptation and financing.
Pakistan is among the world’s most climate-vulnerable countries, grappling with recurrent floods, heatwaves and rising adaptation costs that far exceed its domestic resources.
Last month, while addressing COP30 in Brazil via video link, Aurangzeb urged reforms to global climate-finance mechanisms, arguing the Green Climate Fund was mired in “bureaucracy” and the Loss and Damage Fund had made little progress four years after its launch.
The finance division said the minister had departed for Riyadh to take part in the conference, a three-day gathering focused on new development-finance models.
“During the conference, Finance Minister Senator Muhammad Aurangzeb will participate in a high-level session on climate adaptation and resilience, where he will join global leaders in discussing how developing countries can secure the capital needed to address climate vulnerabilities,” the statement said.
“His participation will highlight Pakistan’s priorities in climate finance and the government’s efforts to strengthen economic resilience in the face of global environmental challenges,” it added.
Aurangzeb is also scheduled to hold bilateral meetings with senior Saudi officials, including leadership of the National Development Fund and the Ministry of Finance, to discuss development financing, investment opportunities and broader economic cooperation.
The statement said he will give interviews to international media outlets such as CNN and CGTN to outline Pakistan’s reform trajectory and development-finance needs.
The finance chief will additionally meet Pakistan’s diplomatic mission in Riyadh to review ongoing economic diplomacy initiatives.
The Global Development Finance Conference, organized under the patronage of Saudi Crown Prince Mohammed bin Salman, aims to bring together more than 100 speakers from over 120 international and regional organizations.
The conference is positioned as a key platform within Vision 2030 to accelerate innovative financing models and support countries seeking sustainable growth amid rising global climate and development pressures.
