Pakistan seeks $10 billion facility from US, submits bid to Treasury Department

Facing pressure on external payments, Pakistan has approached the US for a $10 billion facility to bolster its foreign exchange reserves. The move comes as part of moves to boost confidence among international investors, Finance Minister Muhammad Aurangzeb said, according to a PTI report. Pakistan is looking to reduce its reliance on repeated emergency financial support from friendly nations.Pakistan has struggled with external payment pressures for years and came close to default in 2023 before securing timely assistance from the International Monetary Fund (IMF) and bilateral partners.The country is currently implementing a $7 billion IMF programme agreed in 2024, while the government is working to strengthen its credit standing and restore regular access to global capital markets.Pakistan submits request to US Treasury DepartmentAurangzeb said Pakistan had submitted the request to the US Treasury Department and that discussions were ongoing, although no agreement had been finalised.