ISLAMABAD – Finance Minister Muhammad Aurangzeb is set to visit China for three days to restructure $15 billion in energy debt owed to the Chinese government.

Pakistani authorities are looking to negotiate a five-year extension on repayment, which would increase the total debt to $16.6 billion by 2040 and potentially cut annual foreign currency outflows to $750 million.

The country's finance czar also plans to propose the creation of a joint working group between Pakistan and China to streamline the debt rescheduling process.

Both sides will share views on the introduction of $30 million Panda Bond in the Chinese financial market, a step intended to support Pakistan's economic growth.