pakistan expects response
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Pakistan expects US response on $10bn stabilisatio…

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ISLAMABAD: Pakistan expects to receive a response from the United States within the next few months on its request for a proposed $10 billion bilateral exchange stabilisation facility.

The proposed arrangement is aimed at strengthening confidence in Pakistan’s currency and foreign exchange market. It could also help the country improve access to international capital markets and attract more private investment.

Adviser to the Finance Minister Khurram Schehzad said discussions between Pakistan and the US over the proposed facility had been constructive.

He said the facility could act as a financial backstop for Pakistan and send a positive signal to investors about the stability of the country’s currency market.

Pakistan formally approached US Treasury Secretary Scott Bessent last month for the proposed Bilateral Exchange Stabilisation Support Facility. The arrangement could have a maturity period of up to five years.

Finance Minister Muhammad Aurangzeb has clarified that the proposed $10 billion arrangement should not be viewed as a conventional loan or credit line.

He said the main objective was to provide confidence regarding exchange-rate and currency stability. Such a signal, he added, could help Pakistan return to international markets to raise funds.

The finance minister said the request was being considered by the US Treasury Department and that progress was expected by September.

If approved, the facility could strengthen Pakistan’s foreign exchange reserves and ease pressure on the rupee. It could also reduce the country’s dependence on multilateral financing.

The proposed support comes as Pakistan continues efforts to improve its external financial position under an International Monetary Fund programme. The IMF programme has required the government to implement difficult fiscal and monetary measures, including higher taxes, spending controls and structural reforms.

Pakistan has also been seeking to improve its economic and diplomatic engagement with Washington. Its recent diplomatic role in regional developments has increased expectations that stronger relations with the United States could lead to greater economic cooperation.

Meanwhile, Pakistan’s credit outlook received a boost after Moody’s upgraded its sovereign rating from Caa1 to B3. However, the rating agency maintained that Pakistan continues to face challenges related to governance, rule of law, corruption control and government effectiveness.

Although the B3 rating represents an improvement, it remains well within the speculative category and is several levels below investment grade.

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