WASHINGTON(National Times)- Finance Minister Muhammad Aurangzeb on Tuesday asked US Treasury Secretary Scott Bessent to provide Pakistan with $10 billion Exchange Stabilisation Support Facility to help strengthen the national economy.<\/p>\n\n\n\n
The request, first reported by Reuters, was confirmed by officials at Pakistan\u2019s embassy in Washington. However, they did not provide any details. The US Treasury also declined to comment.<\/p>\n\n\n\n
An official readout issued by the embassy noted that Aurangzeb had sought US support for Pakistan\u2019s road-to-market, based on improved access to international capital markets, higher foreign exchange reserves, and enhanced sovereign credit ratings.<\/p>\n\n\n\n
However, the statement made no mention of the $10bn request.<\/p>\n\n\n\n
According to the news agency, Islamabad is seeking the bilateral stabilisation facility, with a maturity of up to five years.<\/p>\n\n\n\n
The proposed facility would be a financial mechanism under which the US government, through the Treasury\u2019s Exchange Stabilisation Fund, would provide loans or other backstop facilities to Pakistan to bolster its foreign exchange reserves, ease debt pressures, and help stabilise the economy.<\/p>\n\n\n\n
Such facilities are primarily used to prevent currency instability and, where necessary, support a partner country\u2019s currency through intervention in foreign exchange markets.<\/p>\n\n\n\n
Diplomatic sources in Washington told Dawn there were \u201cstrong chances\u201d that the $10 billion stabilisation request would be approved.<\/p>\n\n\n\n
One source noted that the Trump administration \u201chas a keen interest in remaining engaged\u201d with Pakistan and has \u201cmore than once pledged\u201d to help strengthen the country\u2019s economy.<\/p>\n","protected":false},"excerpt":{"rendered":"
WASHINGTON(National Times)- Finance Minister Muhammad Aurangzeb on Tuesday asked US Treasury Secretary Scott Bessent to provide Pakistan with $10 billion Exchange Stabilisation Support Facility to help strengthen the national economy. The request, first reported by Reuters, was confirmed by officials at Pakistan\u2019s embassy in Washington. However, they did not provide any details. The US Treasury […]<\/p>\n","protected":false},"author":2,"featured_media":129801,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-129800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest_news","entry"],"yoast_head":"\n