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Friday, November 15, 2024

Home Pakistan With debt rescheduling on agenda, Pakistan finance czar leaves for China today

With debt rescheduling on agenda, Pakistan finance czar leaves for China today

by Our Correspondent
July 23, 2024
in Pakistan

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ISLAMABAD – Finance Minister Muhammad Aurangzeb is all set to depart for China on a three-day official visit to discuss reschedule of $15 billion energy debt owed by Pakistan to the Chinese government.

Report said a working group could be established by Pakistan and China to streamline the process for rescheduling of the debt.

Aurangzeb is looking to negotiate a five-year extension on repayment, which would increase the total debt to $16.6 billion by 2040.

Both sides will discuss the launch of $30 million Panda Bond in the Chinese financial market, a step that aims at supporting the economic growth of Pakistan amid ongoing crisis.