Pakistan’s Finance Minister Muhammad Aurangzeb met China’s Deputy Finance Minister Liao Min in Washington DC on Thursday and sought support for Pakistan in BRICS bank membership, during the IMF and World Bank annual meetings, an official statement revealed. This development highlights Pakistan’s strategy to tap alternative financing amid economic challenges in South Asia, potentially reducing reliance on traditional Western institutions and fostering closer ties with emerging powers.
Background on BRICS New Development Bank Pakistan
The New Development Bank, established by BRICS nations in 2015, focuses on infrastructure and sustainable development projects. Headquartered in Shanghai, it provides loans, guarantees and equity to members. Founding members include Brazil, Russia, India, China and South Africa. Recent additions are Egypt, United Arab Emirates, Bangladesh, Uruguay and Algeria. Membership is open to United Nations members, with expansion aimed at broadening its reach.
Pakistan’s interest in the bank dates back to early 2025. In February, the Economic Coordination Committee approved the bid. An official announcement stated that the committee endorsed the purchase of 5882 capital shares worth USD 582 million, with USD 116 million as paid-in capital payable over seven years. This step positioned Pakistan to pursue formal application.
The bank aims to support projects in emerging economies, offering an alternative to institutions like the World Bank. For Pakistan, joining could unlock funding for key sectors such as energy and transport, aligning with ongoing reforms.
Key Diplomatic Engagements
Aurangzeb’s six-day visit to Washington from 13 October to 18 October coincided with IMF and World Bank plenary sessions. The meeting with Liao occurred on the sidelines. According to the Ministry of Finance statement issued on Friday, 17 October 2025, Aurangzeb sought China’s support for Pakistan’s membership in the NDB and welcomed enhanced investment from Chinese enterprises in information and communication technology, agriculture, industry and minerals.
He briefed Liao on the recent staff-level agreement with the IMF, describing it as external validation of the government’s economic reform agenda. Discussions also covered developments on issuing Panda Bonds in the Chinese market. Aurangzeb extended an invitation for Liao to visit Pakistan at a mutually convenient time.
This request builds on broader bilateral ties. Pakistan seeks China support for BRICS bank membership as part of strengthening economic cooperation.
Other meetings during the visit included talks with US Congressman French Hill on digitising financial services and mineral sector collaboration. Aurangzeb met representatives from Bangladesh and Japan, emphasising regional cooperation. He welcomed Japan Bank for International Cooperation’s commitment to the Reko Diq project and assured investor security.
On 16 October, Aurangzeb discussed privatisation of Pakistan International Airlines and airports with Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan. At an Atlantic Council event, he outlined approaches to economic reform and private-sector growth. A session with S&P Global noted alignment among rating agencies on Pakistan’s progress.
These interactions reflect Pakistan’s multifaceted diplomacy, with BRICS New Development Bank Pakistan membership as a priority.
Economic Context and Implications
Pakistan faces fiscal pressures, with reforms under the IMF programme. The NDB could provide diversified funding, reducing dependence on bilateral aid. In South Asia, this move might influence neighbours, given India’s founding role in the bank.
The ECC decision in February marked a formal step. The announcement detailed the share purchase, highlighting long-term commitment. Pakistan NDB membership China support is crucial, as China holds significant influence in the bank.
Earlier efforts included seeking backing from other members. In January 2025, Pakistan requested Bangladesh’s support for NDB entry, according to reports. Bangladesh, a recent member, could advocate within the institution.
The bank’s portfolio exceeds billions in loans, focusing on sustainable projects. For Pakistan, potential benefits include financing for CPEC-related initiatives, enhancing ties with China.
Challenges remain. The application process involves board approval, with no fixed timeline.
What’s Next
As Pakistan advances its bid, outcomes from the Washington meetings could accelerate progress. Future BRICS summits may address expansions.
In conclusion, Pakistan seeks China support for BRICS bank membership to bolster its development agenda, potentially transforming access to global finance.
Published in SouthAsianDesk, October 17th, 2025
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