In his inaugural address at the 23rd Shanghai Cooperation Organization (SCO) Heads of Government meeting, Prime Minister Shehbaz Sharif proposed the introduction of a common currency among member states. This initiative aims to enhance regional cooperation and foster peace, stability, and socio-economic development across the region.

Prime Minister Sharif highlighted the potential for the SCO to evolve into an Interbank Union, which could address banking challenges and facilitate the establishment of a unified currency. “The SCO should move towards establishing a common currency to facilitate economic transactions and strengthen regional ties,” he stated, noting the growing consensus among member states on this issue.

He also emphasized Pakistan’s support for creating alternative development funding mechanisms to promote sustainable growth. The prime minister advocated for the SCO to strengthen its role in addressing regional development issues, proposing reforms to encourage innovation and resource expansion within the organization. He stressed the importance of making the SCO a more effective platform for promoting peace, stability, and economic prosperity.

Additionally, Prime Minister Sharif reiterated Pakistan’s support for establishing a counter-terrorism structure within the SCO Secretariat to ensure security and stability across member countries. He called for increased cooperation between member states, urging them to share experiences and ideas to develop a robust action plan for the future. He emphasized that mutual trust and beneficial cooperation are key to achieving sustainable development and prosperity within the SCO region.

“The potential for socio-economic development within the SCO member states is immense. By working together, we can improve the quality of life for our citizens and bring peace and stability to the region,” the prime minister concluded.