Pakistan seeks to boost currency swap deal with China to 40 billion Yuan

ISLAMABAD: Pakistan’s Finance Minister, Muhammad Aurangzeb, has asked China to raise the limit on their Currency Swap Agreement to 40 billion Yuan. He made this request during a meeting with China’s Vice Finance Minister, Liao Min, at the 2024 IMF and World Bank Annual Meetings.

Aurangzeb highlighted Pakistan and China’s strong partnership and thanked China for supporting Pakistan, especially with securing the IMF’s Extended Fund Facility (EFF). He also expressed Pakistan’s interest in learning from China’s economic reforms.

Aurangzeb welcomed Chinese car company BYD’s decision to introduce electric vehicles in Pakistan. He announced that the government plans to issue its first Panda bond in China which will help diversify Pakistan’s financial resources.

The Finance Minister reassured China that the safety of its workers in Pakistan is a priority. He also said that many Chinese companies are looking to expand their businesses in Pakistan, which will create more job opportunities.

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