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Pakistan has requested China to expand its currency swap line by 10 billion yuan ($1.4 billion), Finance Minister Muhammad Aurangzeb revealed during the IMF and World Bank Spring Meetings in Washington. The country already holds a 30 billion yuan swap line with China and aims to increase it to 40 billion yuan to strengthen financial stability. China’s central bank has been promoting currency swaps with several emerging markets, including Argentina and Sri Lanka.
Aurangzeb also confirmed progress towards issuing Pakistan’s first Panda bond, a debt instrument denominated in Chinese yuan for China’s domestic market. Discussions with the Asian Infrastructure Investment Bank (AIIB) and Asian Development Bank (ADB) for credit enhancements have been positive. The government hopes to launch the bond by the end of 2025 to diversify its funding sources.
In parallel, Pakistan expects the IMF Executive Board to approve a $1.3 billion climate resilience loan and the first review of its ongoing $7 billion bailout program by early May. Approval would release a $1 billion tranche crucial for maintaining economic stability.
Tensions with India have worsened following the killing of 26 people at a tourist site, with both countries imposing retaliatory measures. Trade between India and Pakistan, already minimal, stood at just $1.2 billion last year.
Despite regional instability, Aurangzeb forecasts Pakistan’s economic growth at around 3% for the financial year ending June 2025, aiming for 4–5% growth next year and a long-term target of 6%.
