In a bid to strengthen its economy, Pakistan has reportedly sought a $10 billion exchange stabilization facility from the United States.
Following its diplomatic role in the Iran war negotiations, Pakistan’s international standing has seen a boost, sparking hopes of economic benefits from Washington and other partners. In a letter to Treasury Secretary Scott Bessent, Islamabad proposed a Bilateral Exchange Stabilization Support Facility between the U.S. and Pakistan, valued at $10 billion with a maturity of up to five years, Reuters reported on Wednesday.
Pakistani Finance Minister Muhammad Aurangzeb met with Bessent in Washington on Tuesday, discussing Pakistan’s economic vulnerability to regional geopolitical developments. The ministry’s statement did not mention the request but emphasized Aurangzeb’s plea for more U.S. support for Pakistan’s economic journey.
If approved, the facility could strengthen Pakistan’s foreign exchange reserves, support the rupee, and lessen the country’s dependence on multilateral financing. The move comes as Islamabad implements tighter fiscal and monetary measures under its International Monetary Fund (IMF) program, as per the report.
The Treasury Department did not immediately respond to Benzinga’s request for comments.
