FinMin Aurangzeb, US Treasury Secretary Bessent discuss economic cooperation, Pakistan’s reform agenda

WEB DESK: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met U.S. Treasury Secretary Scott Bessent in Washington, D.C., where the two sides discussed economic cooperation and Pakistan’s reform agenda.

The finance minister highlighted Pakistan’s journey from macroeconomic stabilisation to sustainable, export-led growth, while noting the economy’s vulnerability to regional geopolitical developments.

Meanwhile Pakistan has also requested a USD10 billion bilateral exchange stabilisation facility from the US to strengthen its foreign exchange reserves and support its fragile economy, Reuters and Dawn reported, citing a source familiar with the matter. The request, made to Bessent, seeks financing with a maturity of up to five years. Officials at Pakistan’s embassy in Washington confirmed the request but declined to give further details; the US Treasury also declined to comment. The Ministry of Finance is also yet to issue a statement regarding this development.

If approved, the facility is expected to bolster reserves, ease pressure on the rupee and reduce reliance on multilateral financing as Pakistan continues fiscal and monetary reforms under its IMF programme. The request follows Islamabad’s role in facilitating talks on the Iran conflict, which has raised its diplomatic profile.

Aurangzeb sought greater U.S. support for Pakistan’s “road to market,” underpinned by improved access to international capital markets, higher reserves and enhanced sovereign credit ratings. Both sides reaffirmed their commitment to deepening bilateral economic cooperation, promoting greater U.S. investment and advancing strategic projects.