A high-level meeting chaired by Finance Minister Senator Ishaq Dar reviewed preparations for the forthcoming 6th AIIB Chief Negotiators Meeting (CNM) wherein election of president-designate and formation of constituencies would be discussed.
The meeting is scheduled to be held in Georgia on 24-25th of August. Secretary Finance Dr Waqar Masood gave an update to the finance minister on the process of establishment of the Bank. The minister was informed that in the next stage 12 regional and non-regional constituencies of the AIIB would be set up which would be represented by 12 directors/alternate directors in the AIIB Board. The secretary finance also informed the minister about Pakistan’s consultations for formation of a constituency and different options available.
Pakistan and Turkey have been in close contact for creation of their constituency and are engaged in working out details in this regard. The finance minister in stressed the need for closer liaison among various ministries, especially between ministry of finance and the ministry of foreign affairs in this matter. He also exhorted Pakistan’s chief negotiator to project Pakistan’s case in an active manner at the next CNM.
Pakistan, it may be added, is the founding member of the AIIB. Finance Minister Senator Mohammad Ishaq Dar signed Articles of Agreement (AoA) on Asia Infrastructure Investment Bank (AIIB) on 29th of June 2015 in Beijing. He also in last October attended the signing ceremony of a Memorandum of Understanding leading to the establishment of the Bank in October last year. The AIIB which has 57 prospective founding members would be based in Beijing. It aims to narrow down Asia’s infrastructure gaps by providing financing for infrastructure projects in the region.
Besides the secretary finance, Dr Waqar Masood, Special Assistant to Finance Minister Tariq Mahmood Pasha, Additional Secretary (EF) Yasmeen Masood, Additional Secretary EAD Omar Hamid, Joint Secretaries Finance Division Awais Manzur, Amjad Mahmood and Qumar Abbasi also attended the meeting.
