Islamabad October 28 2024: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb said on Saturday that government was aiming to launch an inaugural Panda bond in the Chinese market to diversify its financing base.
He was talking to China’s Vice Minister of Finance, Liao Min during a meeting on the sidelines of World Bank Group (WBG) and International Monetary Fund (IMF) annual meetings in Washington, according to press release issued by finance ministry here Saturday.
He requested the Chinese side to raise the limits under the Currency Swap Agreement to CNY 40 billion. Both sides emphasized the need for online payment settlements and integration of the two countries’ payment systems.
The finance minister said majority of Chinese companies was interested in expanding investments and increasing employment opportunities in Pakistan and assured that the government was committed to providing foolproof security to Chinese workers.
He thanked Chinese government for its unwavering support to Pakistan’s socio-economic development and assistance in securing the IMF’s Extended Fund Facility (EFF). He said, Pakistan was eager to learn from China’s experience with economic reforms.
Aurangzeb reaffirmed the all-weather strategic cooperative partnership between Pakistan and China.
He also welcomed BYD’s decision to introduce electric vehicles in Pakistan, the statement added.
Meanwhile, the minister during a meeting with Andrew Torre, Regional President for VISA, appreciated Visa’s commitment to modernizing Pakistan’s payments ecosystem, including support for domestic payment players like 1Link.
He commended Visa’s efforts in promoting financial inclusion and supporting entrepreneurs in Pakistan and expressed satisfaction over Visa’s launch of the Financial Inclusion Card in partnership with Meezan Bank.
Both parties agreed on the importance of offering more routing choices for clients and ensuring a level playing field for domestic transaction processing.
In addition, Mohammad Kallala, Global Head of Corporate and Investment Banking Business of Natixis called on the minister and briefed him on Natixis’ operations and strong presence in infrastructure, renewables, transportation/aviation, and telecom/tech sectors.
They discussed opportunities for partnership with Gulf investors, particularly from Saudi Arabia, to provide financing and advisory support for investments into Pakistan.
Kallala shared that the Bank aims to collaborate with a select group of leading Pakistani companies to facilitate these investments. Both sides agreed on the importance of maintaining continued engagement in the future.
Meanwhile, Karan Bhatia, Vice President and Global Head of Government Affairs and Public Policy at Google, called on the minister and provided an overview of Google’s recent activities and engagements in Pakistan, along with their plans to deepen investments and make tangible economic contributions in the country.
He raised regulatory, legislative, connectivity, and financial concerns. The Finance Minister assured full support in this regard, the statement added.
