Pakistan champions SCO Development Bank plan to drive regional economic integration
KARACHI: Pakistan's finance chief Muhammad Aurangzeb highlighted his country's support for the establishment of a Shanghai Cooperation Organization (SCO) Development Bank during his address to the meeting of his regional counterparts on Tuesday while describing the initiative key to economic integration.
Aurangzeb made the remarks as he virtually joined the SCO finance ministers' meeting held in Beijing due to Pakistan's ongoing annual budget preparations. The SCO, a key Eurasian political and economic bloc, has emerged as a major platform for regional coordination and economic cooperation.
The SCO Development Bank is a proposed multilateral financial institution to serve member states that has been under discussion for several years. It has gained renewed interest from some SCO countries like Pakistan, China and Russia as part of efforts to boost regional economic integration, infrastructure financing and regional connectivity.
'Regarding the SCO Development Bank, Pakistan strongly supports this establishment,' the Pakistani finance minister said during his address.
'We envision the bank as an institution for innovation, integrating digital finance, fintech solutions and green financing mechanisms into its core operations, and look forward to engaging on the technical details of establishment of the SCO Development Bank,' he added.
Aurangzeb also welcomed the operational launch of the SCO's network of financial think tanks, saying it would provide a platform for strategic foresight and policy research to support financial cooperation across member states.
Highlighting Pakistan's recent economic performance, he said the country had made 'significant progress' on macroeconomic stability, citing a current account surplus, improved fiscal indicators, a stable currency, growing foreign exchange reserves and reduced inflation.
These gains, he said, were supported by ongoing structural reforms in taxation, energy, public finance and state-owned enterprises.
Aurangzeb reaffirmed Pakistan's commitment to the SCO's core principles and called for enhanced economic collaboration through joint ventures, technology transfer and capacity-building initiatives among member states.
Noting global economic challenges such as slowing growth, rising inequality and climate change, he stressed that SCO countries must work together to promote sustainable and inclusive development, particularly across the Global South.
'Infrastructure development and regional connectivity are vital for promoting economic growth and integration,' he said, reaffirming Pakistan's support for transportation, energy and digital connectivity projects under the SCO framework.
The finance minister concluded by reiterating Pakistan's commitment to advancing the SCO's vision of regional stability, prosperity and collective progress.
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