Pakistan formally requests $10 bln Exchange Stabilisation Support Facility from US Treasury

Pakistan Finance Minister Muhammad Aurangzeb had sought U.S. support for road-to-market strategy, higher foreign exchange reserves, and enhanced sovereign credit ratings

Published - July 22, 2026 04:57 pm IST - Islamabad PTI

Pakistan’s Finance Minister Muhammad Aurangzeb has asked U.S. Treasury Secretary Scott Bessent to provide Islamabad with a $10 billion Exchange Stabilisation Support Facility to help strengthen its economy, according to a media report.

The Exchange Stabilisation Support Facility, often routed through the U.S. Treasury's Exchange Stabilisation Fund, is a financial backstop mechanism that includes currency swaps, financial guarantees, and loans, among other measures.

The Dawn newspaper reported on Wednesday (July 22, 2026) that it received confirmation of Pakistan's request from its embassy in Washington. The mission, however, did not share further details with the newspaper. Dawn also sought a response from the U.S. Treasury but did not receive any.

An official readout issued by the embassy noted that Aurangzeb had sought U.S. support for Pakistan’s road-to-market strategy, based on:

• Improved access to international capital markets
• Higher foreign exchange reserves
• Enhanced sovereign credit ratings

Pakistan’s road-to-market refers to a strategic and economic initiative to regain full, independent access to international capital markets and boost foreign exchange reserves. This approach relies on maintaining strict International Monetary Fund (IMF) discipline to control fiscal deficits and inflation. The official readout, however, did not mention the $10 billion amount.

Diplomatic sources in Washington told Dawn there were “strong chances” that the $10 billion stabilisation request would be approved. One source told the newspaper that the Trump administration “has a keen interest in remaining engaged” with Pakistan and has “more than once pledged” to help strengthen the country’s economy.

Pakistan’s economic recovery has been fragile, and the country remains heavily dependent on foreign assistance. It narrowly escaped default in 2023 after the IMF approved a $3 billion loan programme. Islamabad is currently implementing economic reforms under a $7 billion IMF programme approved in 2024, which is tied to a series of policy conditions.