Pakistan Reaffirms Commitment to SCO Economic Cooperation, Supports Establishment of Development Bank

On June 3, 2025, Pakistan’s Finance Minister Muhammad Aurangzeb addressed the Shanghai Cooperation Organisation (SCO) Finance Ministers and Central Bank Governors meeting virtually, reaffirming Pakistan’s dedication to the SCO’s economic cooperation agenda. He emphasized the importance of regional collaboration in trade, investment, and financial integration, proposing initiatives like joint ventures, technology transfers, and capacity-building programs. Aurangzeb expressed strong support for establishing the SCO Development Bank, envisioning it as a forward-looking institution incorporating digital finance, fintech innovation, and green financing tools. He also welcomed the operationalization of the SCO Network of Financial Think Tanks, highlighting its role in fostering evidence-based research and policy coordination. The minister noted Pakistan’s recent macroeconomic reforms, including fiscal discipline and exchange rate stabilization, which have led to improved economic indicators and increased investor confidence. He underscored the need for collective action among SCO member states to address global challenges like sluggish growth and climate change, aiming for inclusive and sustainable development across the region.