Pakistan's Finance minister Muhammad aurangzeb said that Pakistan has requested china to increase its existing swap line to $ 1.4 billion. He said that he hopes that the country will launch Panda Bond before the end of the year. In an interview given to Reuters on saturday (April 26, 2025) during the meetings of the international Monetary Fund and World bank Group in Washington, Aurangzeb told that pakistan already has a swap line of 30 billion yuan.
China is increasing swap line with argentina and Sri Lanka
Aurangzeb said, 'From our point of view, reaching 40 billion renminbi would be a good direction. We have just requested this.' China's central bank is promoting currency swap lines with emerging economies like argentina and Sri Lanka. pakistan has also made progress in issuing its first Panda Bond. Panda bond means debt issued on China's domestic bond market.
'Pakistan can get $1 billion from IMF board'
Pakistan's finance minister said, "We want to diversify our loan base and we have made good progress in this direction. We hope that this year we will be able to prepare an initial print." Meanwhile, aurangzeb expects the IMF Executive Board to sign a staff level agreement on its new $1.3 billion arrangement under the Climate Resilience Loan Program in early May and also conduct the first review of the ongoing $7 billion bailout program.
A green signal from the IMF board will start the payment of $1 billion under the program, which has played an important role in stabilizing Pakistan's economy.
When asked about the economic consequences amid tensions with india over the pahalgam terror attack, aurangzeb said that it is not going to be helpful. The attack has sparked outrage and grief in india, as well as demands for action against neighboring Pakistan.
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