Islamabad: Finance Minister Muhammad Aurangzeb has announced plans to launch Pakistan’s first Panda bond in the Chinese market, as part of efforts to diversify its financing options. This move was discussed during a meeting with China’s Vice Minister of Finance Liao Min in Washington DC.
According to Ministry of Information and Broadcasting, the meeting reaffirmed the strong strategic partnership between Pakistan and China, with Minister Aurangzeb expressing gratitude for China’s ongoing support in Pakistan’s socio-economic development, including assistance with securing the International Monetary Fund’s Extended Fund Facility. Aurangzeb praised China’s economic reform experiences, which Pakistan aims to learn from, and welcomed the introduction of BYD electric vehicles into the Pakistani market.
The discussion also touched on the increasing interest from Chinese companies in expanding investments and creating more job opportunities in Pakistan, with assurances of heightened security for Chinese workers. Additionally, Aurangzeb requested an increase in the limits under the existing Currency Swap Agreement to CNY 40 billion to facilitate greater financial cooperation.
Both parties highlighted the importance of enhancing online payment systems and further integrating the payment infrastructures of the two countries to bolster economic ties.