KARACHI: Pakistan has sought US support to strengthen its foreign exchange reserves, according to an official statement issued after Finance Minister Muhammad Aurangzeb met US Treasury Secretary Scott Bessent in Washington on Tuesday, as Reuters reported Pakistan had requested a $10 billion exchange stabilization facility from the United States.
The meeting comes as Pakistan seeks to build on renewed engagement with the US following its diplomatic role in helping broker talks over the Iran war, while looking to consolidate its economic recovery under a $7 billion International Monetary Fund (IMF) program.
Despite signs of macroeconomic stabilization, the country remains reliant on external financing and vulnerable to regional geopolitical tensions, particularly those affecting energy supplies and global markets.
“Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, met with US Treasury Secretary, Mr. Scott Bessent, in Washington, D.C.,” the Finance Division said in a statement.
“Senator Aurangzeb sought greater US support for Pakistan’s road to market, underpinned by improved access to international capital markets, higher foreign exchange reserves, and enhanced sovereign credit ratings,” it said.
While the Finance Division did not address Reuters’ report that Pakistan had requested a $10 billion exchange stabilization facility from the US, the statement confirmed that Islamabad sought US support aimed at rebuilding foreign exchange reserves and strengthening Pakistan’s sovereign credit profile.
The Finance Division said Aurangzeb highlighted Pakistan’s transition from macroeconomic stabilization toward sustainable, export-led growth during his meeting with Bessent, while acknowledging that the economy remains vulnerable to regional geopolitical developments.
Both sides also reaffirmed their commitment to deepening bilateral economic cooperation, promoting greater US investment and advancing strategic projects.
Separately, Aurangzeb met representatives of the US International Development Finance Corporation (DFC), where he sought expedited support for private sector-led projects in the energy, information technology, infrastructure, minerals, food and agriculture sectors.
According to the Finance Division, the minister said the DFC’s priorities in ports, telecommunications, information technology, energy, minerals, pharmaceuticals, manufacturing and supply-chain development closely align with Pakistan’s own development agenda.
“The Finance Minister invited a DFC team to visit Pakistan to identify bankable projects and work with relevant stakeholders in developing viable business plans,” it said in a separate statement.
The statement added the discussions also covered the possibility of establishing DFC representation in Pakistan and engagement with future US congressional delegations.
