Pakistan requests China to increase currency swap agreement limit to 40 billion Yuan

Representation pic

Pakistan Finance Minister Muhammad Aurangzeb has requested the Chinese government to raise the limits of the currency swap agreement to 40 billion Chinese Yuan, ARY News reported.

During a meeting with China's Vice Minister of Finance, Liao Min, in Washington, DC, Aurangzeb reaffirmed Islamabad's commitment to enhance the strategic partnership between Pakistan and China, as stated in a press release.

He expressed gratitude to the Chinese government for its steadfast support in Pakistan's socio-economic development and its assistance in securing the IMF's Extended Fund Facility (EFF), ARY News reported.

Aurangzeb indicated that Pakistan is keen to learn from China's economic reform experiences and welcomed Chinese automobile manufacturer BYD's decision to introduce electric vehicles in Pakistan.

He also informed the Chinese representatives about Pakistan's plans to launch its inaugural Panda bond in the Chinese market to diversify its financing options.

The finance minister assured that Pakistani authorities would provide robust security for Chinese workers and noted that many Chinese companies are interested in expanding their investments and creating more jobs in Pakistan, as per ARY News.

"Both sides emphasised the need for online payment settlements and integration of the two countries' payment systems," the statement read.

Meanwhile, the finance minister also met Andrew Torre, the Regional President for VISA, and commended the company's efforts in modernising Pakistan's payments ecosystem, including support for local payment platforms like 1Link.

Aurangzeb praised Visa's launch of the Financial Inclusion Card in partnership with Meezan Bank, emphasising the need for more routing options for clients and ensuring fair competition for domestic transaction processing, as per ARY News.

Additionally, Muhammad Aurangzeb met with Mohammad Kallala, the Global Head of Corporate and Investment Banking at Natixis. Kallala provided insights into Natixis' operations in sectors like infrastructure, renewables, transportation, aviation, telecom, and technology.

The two discussed potential partnerships with Gulf investors, especially from Saudi Arabia, to support financing and advisory services for investments in Pakistan. Kallala mentioned that the bank intends to collaborate with selected leading Pakistani companies to facilitate these investments.

Both parties agreed on the importance of ongoing engagement moving forward.

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