Pakistan Requests China to Increase Currency Swap Agreement to 40 Billion Yuan
October 27, 2024
Washington D.C. – Pakistan’s Finance Minister, Muhammad Aurangzeb, has formally requested China to expand the currency swap agreement limit to 40 billion Yuan. This request was made during discussions with China’s Vice Minister of Finance, Liao Min, in Washington, DC. The meeting highlighted Pakistan’s commitment to strengthening the strategic partnership between the two countries, according to a press release.
Aurangzeb expressed deep gratitude for China’s continuous support in Pakistan’s socio-economic development and its role in securing the IMF’s Extended Fund Facility (EFF). He also outlined Pakistan’s plans to introduce electric vehicles from Chinese automaker BYD and launch Panda bonds in China to diversify its financial options.
The Pakistani finance minister assured Chinese representatives that security would be provided for Chinese workers in Pakistan and noted that several Chinese companies were looking to expand their investments in the country, generating new jobs.
Additionally, Aurangzeb met with Andrew Torre, Regional President of Visa, to discuss the modernization of Pakistan’s payments ecosystem, including the Financial Inclusion Card launched with Meezan Bank. He also held talks with Mohammad Kallala of Natixis Bank, exploring opportunities for partnerships with Gulf investors to boost investments in Pakistan.
The discussions underscore the growing financial and economic cooperation between Pakistan and China, as both countries continue to explore avenues for deeper economic integration and collaboration.