Pakistan requests China to increase currency swap agreement limit to 40 bn yuan

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 reportedDuring a meeting with Chinas Vice Minister of Finance Liao Min in Washington DC Aurangzeb reaffirmed Islamabads commitment to enhance the strategic partnership between Pakistan and China as stated in a press releaseHe expressed gratitude to the Chinese government for its steadfast support in Pakistans socioeconomic development and its assistance in securing the IMFs Extended Fund Facility EFF ARY News reportedAurangzeb indicated that Pakistan is keen to learn from Chinas economic reform experiences and welcomed Chinese automobile manufacturer BYDs decision to introduce electric vehicles in PakistanHe also informed the Chinese representatives about Pakistans plans to launch its inaugural Panda bond in the Chinese market to diversify its financing optionsThe 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 NewsBoth sides emphasised the need for online payment settlements and integration of the two countries payment systems the statement readMeanwhile the finance minister also met Andrew Torre the Regional President for VISA and commended the companys efforts in modernising Pakistans payments ecosystem including support for local payment platforms like 1LinkAurangzeb praised Visas 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 NewsAdditionally 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 technologyThe 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 investmentsBoth parties agreed on the importance of ongoing engagement moving forwardThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever