Federal Minister for Finance Senator Muhammad Aurangzeb has declared that the private sector will have to play a leading role in economic progress and achieving sustainable development is Pakistan’s top priority, reported 24NewsHD TV channel on Wednesday.
Speaking at a high-level discussion on the topic of growing burden of global debt on developing economies at the World Economic Forum in Davos, Finance Minister Aurangzeb said “It is difficult to get rid of the debt burden without fixing your own house first.”
The minister said the debt-to-GDP ratio has come down from 78 percent to 67 percent and Pakistan wants to access the world's largest Chinese capital market through Panda Bonds.
Senator Aurangzeb said the government is working to reduce its expenditures and debt-servicing.
Aurangzeb said said Pakistan aims to tackle rising population, poverty and environmental issues and move towards sustainable economic development through the 10-year partnership programne with the World Bank.
The minister emphasized that in the second phase of CPEC, the focus will shift to promoting business-to-business engagement. He said Chinese companies will be encouraged to relocate their production units to Pakistan under CPEC Phase II.
Senator Aurangzeb said that Chinese companies could potentially make Pakistan the hub for their exports.