Pakistan's Plea for Extended Chinese Financial Aid Amid Rising Debts

Pakistan has requested an additional 10 billion yuan (USD 1.4 billion) loan from China. This comes after fully utilizing the existing 30 billion yuan (USD 4.3 billion) facility under the currency swap agreement. Despite past denials, Pakistan hopes for increased financial support to address its economic challenges.

Pakistan has turned to China for additional financial support, seeking a further 10 billion yuan loan amidst economic pressures. This request comes after exhausting the 30 billion yuan facility, illustrating the country's need for continued international assistance.

During the annual IMF and World Bank meetings in Washington, Finance Minister Muhammad Aurangzeb urged China's Vice Minister of Finance Liao Min to consider increasing the currency swap limits to 40 billion yuan. If approved, the total facility would escalate to approximately USD 5.7 billion.

Previously, China declined any increase in debt limits. However, following a recent extension of the USD 4.3 billion agreement for three more years, Pakistan remains hopeful for enhanced financial cooperation, especially in light of China's increased involvement in projects like the China-Pakistan Economic Corridor (CPEC).

(With inputs from agencies.)