ISLAMABAD : Finance Minister Muhammad Aurangzeb confirmed on Wednesday that Pakistan has formally requested a $10 billion financial facility from the United States, expressing optimism about potential progress by September.
Speaking to reporters in Islamabad, Aurangzeb revealed that the request has been submitted under the Exchange Stabilization Facility and is currently with the US Treasury Department for consideration.
“We have made a formal request to the United States for a financial facility of $10 billion,” Aurangzeb stated. “We are hopeful that we may see some progress on this request by September.”
The finance minister also disclosed that the government is exploring various options to extend the tenure of bilateral loans between the two countries, with plans to increase the repayment period to 10 years.
In addition to the government-to-government request, Aurangzeb said discussions are underway with American banks, the US International Development Finance Corporation (DFC), and other financial institutions to secure broader economic cooperation.
The development comes as Pakistan continues to navigate challenging economic conditions and seeks to bolster its foreign exchange reserves. The Exchange Stabilization Facility, typically utilized to address balance of payments concerns, would provide crucial support to the country’s external position.
Neither the US Treasury Department nor the State Department has issued an official response to Pakistan’s request at the time of this reporting.
