Aurangzeb in Beijing to seek debt relief

Finance Minister Muhammad Aurangzeb arrived in Beijing on Thursday for talks on power sector debt relief alongside structural reforms suggested by the International Monetary Fund, two government sources said. He held a meeting with his Chinese counterpart, they said, and is leading a delegation, along with Power Minister Awais Leghari, that will discuss several proposals, including reprofiling nearly $15 billion in energy sector debt. As the meeting progressed, Pakistan’s bonds slid lower, with the 2036 maturity down 1.73 cents to bid at 73.05 cents on the dollar by 1415 GMT, according to Tradeweb data, its lowest since April. The countries, which share a border, have been longtime allies, and rollovers or disbursements on loans from China have helped Pakistan meet its external financing needs in the past.