Pakistan asks China to raise limit under Currency Swap Agreement

WASHINGTON DC: Finance Minister Muhammad Aurangzeb requested the Chinese government to raise the limits under the Currency Swap Agreement to CNY 40 billion, ARY News reported.

In a meeting with China’s Vice Minister of Finance Liao Min in Washington DC, Muhammad Aurangzaib also reaffirmed to boost all-weather strategic cooperative partnership between Pakistan and China, a press statement issued here read.

The finance minister also thanked 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).

Muhammad Aurangzaib said that Pakistan is eager to learn from China’s experience in economic reforms. He also welcomed Chinese automobile company BYD’s decision to introduce electric vehicles in Pakistan.

The finance minister apprised the Chinese side that Pakistan aims to launch an inaugural Panda bond in the Chinese market to diversify its financing base.

He committed to providing foolproof security to Chinese workers. Shared that the majority of Chinese companies are interested in expanding their investments and increasing employment opportunities in Pakistan.

“Both sides emphasised the need for online payment settlements and integration of the two countries’ payment systems,” the statement read.

Meeting with VISA Regional President

Separately, the finance minister met with Regional President for VISA Andrew Torre appreciated its  commitment to modernising Pakistan’s payments ecosystem, including support for domestic payment players like 1Link.

He commended Visa’s efforts in promoting financial inclusion and supporting entrepreneurs in Pakistan.

The finance minister expressed satisfaction over Visa’s launch of the Financial Inclusion Card in partnership with Meezan Bank.

Both parties agreed on the importance of offering more routing choices for clients and ensuring a level playing field for domestic transaction processing.

Meanwhile, Global Head of Corporate and Investment Banking Business of Natixis Mohammad Kallala called on Muhammad Aurangzeb.

During the meeting, he briefed the finance minister on Natixis’ operations and strong presence in infrastructure, renewables, transportation, aviation, telecom and tech sectors.

The two discussed opportunities for partnership with Gulf investors, particularly from Saudi Arabia, to provide financing and advisory support for investments into Pakistan.

Mohammad Kallala shared that the Bank aims to collaborate with a select group of leading Pakistani companies to facilitate these investments.

Both sides agreed on the importance of maintaining continued engagement in the future.