ISLAMABAD: The Asian Infrastructure Investment Bank (AIIB) is prepared to provide assistance to countries facing insolvency, including Pakistan, amidst a tightening liquidity situation, according to AIIB President Jin Liqun.
Speaking at the China Development Forum 2023, Jin emphasized the need for more investment in infrastructure, especially in the face of prolonged high inflation and spillover effects from high commodity prices, which are causing central banks to tighten monetary policy worldwide.
Jin also highlighted the risks to financial stability, particularly in low-income and developing countries with high levels of debt, as well as in the banking sector in some advanced economies.
Amidst such challenges, Jin emphasized the need for reform in the governance system to allow developing countries to have greater involvement and reach more consensus under the multilateral framework.
Regarding the Chinese economy, Jin expressed optimism, stating that the 5% GDP growth target would be achieved in a quality manner. He also highlighted the potential for the Chinese economy to provide broad cooperation space and development opportunities for both domestic and foreign investors.
The AIIB has increased its multilateral assistance to vulnerable countries, and Jin stated that the bank stands ready to offer post-earthquake support to Turkey. He emphasized that the development bank will continue to support developing economies in building conditions for long-term economic growth.
