ISLAMABAD — Pakistan is preparing to request a larger currency swap arrangement with China as it looks to reinforce its foreign-exchange position and manage upcoming external financing requirements. Finance Minister Muhammad Aurangzeb said Pakistan intends to approach Beijing for an expansion of its existing 30 billion yuan currency swap facility when the agreement comes up for renewal in 2027. The full amount under the current arrangement has already been utilised, although Islamabad has not yet determined the size of any additional facility it may seek. The move comes alongside Pakistan's discussions with the United States over a proposed $10 billion exchange stabilisation facility. Aurangzeb said Islamabad expects to receive a response from Washington within roughly two months. The finance minister has indicated that Pakistan's engagement with China and the United States should not be viewed as competing financial tracks. Instead, Islamabad is maintaining relationships with both countries while attempting to broaden its sources of investment and external financing. China facility remains an important financial tool Pakistan's yuan swap arrangement with China provides a mechanism that can support liquidity and foreign-exchange management. With the existing 30 billion yuan facility fully drawn, an expansion would give Islamabad additional room when the agreement is renegotiated. Aurangzeb said discussions with Chinese officials have already taken place and that the process for determining the size of a renewed facility is continuing. Pakistan is expected to assess its financing requirements before making a formal request for a larger amount. The development comes as Pakistan continues to manage external debt obligations and the need to maintain adequate foreign-exchange reserves. Islamabad also pursuing US-backed financing Pakistan is simultaneously discussing potential financing and investment cooperation with US institutions. According to the finance minister, Islamabad is engaged with the US Export-Import Bank and the US Development Finance Corporation on financing linked to aircraft purchases for Pakistan International Airlines as well as a planned $5 billion refinery upgrade programme. The proposed $10 billion US exchange stabilisation facility is another part of these discussions. A decision within the next two months could provide greater clarity regarding Pakistan's external financing options. Government says focus is shifting toward trade and investment Aurangzeb has also described a broader change in Pakistan's economic strategy, saying the country is seeking to move from an approach centred on aid toward stronger trade and investment relationships. Pakistan recently returned to international capital markets after a four-year absence, raising $3 billion through international bonds, according to comments reported during the Leaders in Islamabad Business Summit. The government is also seeking greater private-sector participation and deeper commercial links with international partners. IMF programme remains in focus Pakistan is also preparing for an upcoming IMF review of its $7 billion programme, along with a review under the IMF's Resilience and Sustainability Facility. Aurangzeb said the government currently believes it is meeting the programme's quantitative requirements and is largely compliant with structural benchmarks. He also indicated that Pakistan does not currently see a need for an additional IMF programme. Energy prices add another layer of pressure Pakistan's financing strategy is unfolding against a difficult international energy backdrop. Rising oil prices and disruptions to global energy supply have increased pressure on countries that depend heavily on imported fuel. Reuters reported that Pakistan has already introduced fuel relief measures as higher petrol and diesel prices put pressure on households and businesses. A prolonged disruption in international energy markets could increase the country's import bill and complicate efforts to preserve external-sector stability. For Pakistan, the combination of Chinese liquidity support, potential US financing, IMF programme compliance and efforts to attract investment forms part of a wider attempt to strengthen economic resilience while reducing pressure on foreign-exchange reserves.