Pakistan Plans Bigger China Swap, Awaits US Decision

Pakistan plans to request an expansion of its fully drawn 30 billion yuan currency-swap arrangement with China when it expires in 2027, though it has not decided how much additional financing to seek. Finance Minister Muhammad Aurangzeb said Beijing appears open to the proposal, pending a formal process. Islamabad also expects a response within two months on its request for a proposed $10 billion U.S. exchange-stabilization facility. Pakistan is separately discussing financing with the U.S. Export-Import Bank for Boeing aircraft purchases by Pakistan International Airlines and with the U.S. International Development Finance Corporation for a planned $5 billion oil-refinery upgrade program. Aurangzeb said seeking support from both China and the United States is complementary as Pakistan works to bolster foreign-exchange reserves and meet debt obligations.