Aurangzeb requests China to increase Currency Swap Agreement to 40bn Yuan

October 27, 2024 (MLN): Federal Minister for Finance and Revenue, Mr Muhammad Aurangzeb, has formally requested the Chinese government to raise the limits under the existing Currency Swap Agreement to 40 billion Yuan (CNY).

He met with China’s Vice Minister of Finance, Mr. Liao Min. Aurangzeb on the sidelines of the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank wherein he also reaffirmed the all-weather strategic cooperative partnership between Pakistan and China.

Aurangzeb also extended gratitude to the Government of China for its unwavering support to Pakistan’s socio-economic development and assistance in securing the IMF’s Extended Fund Facility (EFF).

"Pakistan was eager to learn from China’s experience with economic reforms," he added.

He also welcomed BYD’s decision to introduce electric vehicles in Pakistan. Informed that the government aims to launch an inaugural Panda bond in the Chinese market to diversify its financing base.

The government is committed to ensuring the safety of Chinese workers in Pakistan, he stated.

It was noted that many Chinese companies are keen on expanding their investments and creating more job opportunities in the country.

Both sides also emphasized the importance of implementing online payment settlements and integrating the payment systems of the two nations.

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