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WASHINGTON: Pakistan’s finance minister discussed economic reforms and stronger bilateral cooperation with the U.S. Treasury secretary as Islamabad reportedly seeks a $10 billion U.S.-backed exchange stabilization facility.
Pakistan’s Finance Minister Muhammad Aurangzeb met U.S. Treasury Secretary Scott Bessent in Washington on Tuesday and discussed Pakistan’s economic reform agenda, stronger bilateral economic cooperation, and greater U.S. support for the country’s financial stability, as Reuters reported Islamabad is seeking a $10 billion U.S.-backed exchange stabilization facility.
According to Pakistan’s Finance Ministry, Aurangzeb said Pakistan had transitioned from macroeconomic stabilization towards sustainable, export-led growth but remained vulnerable to regional geopolitical developments. He urged greater U.S. support to improve Pakistan’s access to international capital markets, strengthen foreign exchange reserves, and enhance its sovereign credit ratings.
Both sides reaffirmed their commitment to deepening bilateral economic cooperation, encouraging greater U.S. investment, and advancing strategic projects, the ministry said.
Reuters reported that Pakistan has requested a $10 billion Bilateral Exchange Stabilization Support Facility from the United States, citing a source familiar with the discussions. The proposed facility, with a maturity of up to five years, would help bolster Pakistan’s foreign exchange reserves, stabilize the rupee, and reduce reliance on multilateral financing under the International Monetary Fund programme. The U.S. Treasury declined to comment on the reported request.
The Reuters report said the request comes as Pakistan seeks to consolidate recent macroeconomic gains under its IMF-backed reform programme while expanding economic engagement with the United States. The country has been pursuing fiscal reforms, broadening its tax base, and rebuilding investor confidence following a prolonged balance-of-payments crisis.
The Finance Ministry said the meeting also focused on promoting long-term U.S. investment and supporting Pakistan’s reform agenda aimed at achieving sustainable, export-led economic growth.
