Pakistan has asked the United States for a $10 billion “exchange stabilisation support facility” to tackle its foreign-currency crisis and stabilise its economy, Reuters reported.
A source familiar with the matter said that if the Pakistani government’s request is approved, it could bring major relief to cash-strapped Islamabad’s economy. The Reuters report said the information had become public for the first time.
Pakistan’s diplomatic importance has risen somewhat internationally after its mediating role in the Iran war. Against that backdrop, Islamabad hopes for economic benefits from Washington and other partners.
According to the source, the request sent by Pakistan’s government to US Treasury Secretary Scott Bessent proposes a bilateral exchange stabilisation support facility of $10 billion with a term of up to five years.
If approved, the support would strengthen Pakistan’s foreign-exchange reserves, ease pressure on the rupee and somewhat reduce dependence on International Monetary Fund (IMF) lending. It would also help implement the tight fiscal and monetary policies the government is following under the IMF programme.
The US Treasury Department declined to comment on the matter.
Pakistan under IMF conditions
Pakistan is currently under a $7 billion IMF loan programme. As part of it the government has had to raise taxes, cut public spending and implement various economic reforms — measures that are politically unpopular.
Analysts say a US exchange stabilisation facility is extremely rare. The US Exchange Stabilization Fund typically provides dollars, currency swaps or financial guarantees to strengthen foreign-exchange reserves. These are separate from the Federal Reserve’s permanent dollar swap arrangements and help maintain a country’s financial stability in a crisis.
Argentina received such a facility in 2025. Before that, Uruguay received one in 2002, and Mexico has long been covered by this kind of US support.
Seeking closer economic ties with Washington
Analysts say that if the United States approves Pakistan’s request, it would carry not only economic support but also an important political message, easing pressure on Pakistan’s reserves and the rupee and reducing reliance on IMF tranches or emergency financial support.
The international ratings agency Fitch has warned, however, that Pakistan’s foreign-exchange reserves could come under pressure again if fuel prices rise and supplies are disrupted because of the Middle East conflict.
Foreign investment in the country remains lower than hoped. Investors are still cautious because of policy uncertainty, security risks, past restrictions on profit repatriation and limited export capacity.
To overcome these problems, Pakistan is trying to strengthen economic ties with the Trump administration, including in cryptocurrency, real estate and mineral resources. Pakistan has signed a stablecoin agreement for cross-border payments with an affiliate of World Liberty Financial, a firm connected with the main crypto business of US President Donald Trump’s family.
Steps have also been taken towards signing a memorandum of understanding with the United States to redevelop the Roosevelt Hotel in New York, owned by Pakistan International Airlines. Islamabad is also continuing efforts to attract US investment in various sectors including the Reko Diq mining project, for which the US Export-Import Bank has announced $1.25 billion in financing.
বাংলায় মূল প্রতিবেদন পড়ুন · Read the original Bengali report