Pakistan Seeks Billions in Financing from China and United States

Finance Minister Muhammad Aurangzeb announced that Pakistan will seek to expand its 30 billion yuan currency swap line with China when the facility expires in 2027, noting that the current funds have been fully drawn.

Simultaneously, Pakistan is awaiting a decision within two months from the United States regarding a proposed 10 billion dollar exchange stabilization facility. The government is also negotiating with the Export-Import Bank of the United States to finance Boeing aircraft for the privatized Pakistan International Airlines and with the U.S. International Development Finance Corporation for a 5 billion dollar oil refinery upgrade program.

While pursuing support from both superpowers, Aurangzeb stated that Pakistan does not currently require additional emergency financing from the International Monetary Fund. An IMF mission is scheduled for next week to review the country's existing 7 billion dollar program.