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Pakistan-US exchange stabilisation facility request

Updated 2 times since CLSTR started tracking revisions of this situation.

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2026-08-22 13:12 UTC → 2026-08-27 03:06 UTC · added removed

Pakistan has formally requested a $10 billion Exchange Stabilisation Support Facility from the United States Treasury Department. Finance Minister Muhammad Aurangzeb submitted the written request to U.S. Treasury Secretary Scott Bessent to bolster foreign exchange reserves and ease pressure on the Pakistani rupee. The proposed facility, which would have a maturity of up to five years, is intended to function similarly to a currency swap line. Rather than a conventional loan, the initiative aims to signal currency stability to international capital markets and reduce Pakistan’s reliance on short-term bilateral rollovers and emergency assistance from friendly nations. This request comes as Pakistan continues fiscal and monetary reforms under a $7 billion International Monetary Fund (IMF) programme. While negotiations are currently underway, no final agreement has been reached, and the U.S. Treasury has not yet commented on the proposal. Recent reports indicate the request specifically targets Officials describe the U.S. Exchange Stabilization Fund (ESF) through a Bilateral Exchange Stabilization Support Facility. Facility as a financial backstop to strengthen the country’s foreign-exchange position and help regain access to international capital markets. A response from Washington is expected within the next few months. While the facility could reassure credit-rating agencies, analysis by the Committee for the Cancellation of the Third World Debt (CADTM) suggests it may provide the United States with “geopolitical leverage” in future negotiations regarding trade, China policy, and regional strategy. Critics also argue the move may not address Pakistan’s underlying structural economic issues. The request follows significant financial activity, including the repayment of $3.5 billion in deposits Alongside this international request, Pakistan is pursuing domestic strategies to the UAE drive private-sector-led growth by expanding inclusive financing for sectors such as agriculture, SMEs, exports, IT, and a $3-billion deposit commitment renewable energy. In the housing sector, approved financing under the Wazir-e-Azam Apna Ghar Program has nearly doubled to Rs279 billion following revised Prudential Regulations from Saudi Arabia. Furthermore, the Pakistani government is reportedly discussing a $6.7-billion oil facility with Saudi Arabia spanning fifteen years. State Bank of Pakistan.

Versions

  1. 2026-08-27 03:06 UTC Pakistan-US exchange stabilisation facility request
  2. 2026-08-22 13:12 UTC Pakistan-US exchange stabilisation facility request
  3. 2026-08-20 08:32 UTC Pakistan-US exchange stabilisation facility request

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