Pakistan Seeks Expanded Currency Swap with China Amid Strengthened Economic Ties

Finance Minister Muhammad Aurangzeb engages in talks with China's Vice Minister of Finance to expand currency swap limits and enhance strategic partnerships. Discussions included economic reforms, investment opportunities, and improving digital payment integrations, highlighting strong bilateral ties and mutual cooperation in socio-economic development.

In a strategic move to bolster economic relations, Pakistan Finance Minister Muhammad Aurangzeb has urged the Chinese government to increase the currency swap limit to 40 billion Chinese Yuan. The request was made during a meeting with China's Vice Minister of Finance, Liao Min, in Washington, D.C., reports ARY News.

Aurangzeb expressed sincere gratitude for China's unwavering support in advancing Pakistan's socio-economic goals and aiding the country's negotiations for the IMF's Extended Fund Facility. He highlighted Pakistan's interest in learning from China's economic reforms and lauded the entry of Chinese EV maker BYD into the Pakistani market.

Moreover, Aurangzeb unveiled plans to launch Pakistan's first Panda bond to diversify financial avenues and assured enhanced security for Chinese nationals working in Pakistan. Discussions also touched upon advancing online payment systems and fostering partnerships with Gulf investors in sectors of infrastructure, renewables, and technology. Key partnerships with entities like Visa and Natixis were also explored to promote financial inclusion and investment growth.

(With inputs from agencies.)