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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.

Deputy Prime Minister and Foreign Minister Ishaq Dar visited the headquarters of the Asian Development Bank (ADB) in Manila on Wednesday to review the bank’s partnership with Pakistan and discuss ways to strengthen future cooperation. The visit took place on the sidelines of the 33rd ASEAN Regional Forum Ministerial Meeting, where Pakistan is participating in a series of high-level diplomatic engagements with regional and international partners. Upon his arrival at the ADB headquarters, Dar was welcomed by senior officials of the bank. He signed the visitors’ book before holding discussions on the institution’s evolving development agenda and its ongoing collaboration with Pakistan. The meeting focused on expanding cooperation in several important sectors, including infrastructure, energy, climate resilience, education, economic reforms and sustainable development. Both sides also discussed future opportunities to support Pakistan’s economic growth and development priorities. Dar later attended a working luncheon hosted by Pakistan’s Executive Director to the ADB, Nashita Mohsin. The event was attended by Pakistani professionals serving in senior leadership positions across different departments of the bank. During the interaction, Dar appreciated the contributions of Pakistani professionals working at the ADB. He said their expertise and leadership have strengthened the institution’s work while enhancing Pakistan’s image at the international level. He also congratulated Nashita Mohsin on assuming her responsibilities as Pakistan’s Executive Director to the Asian Development Bank and expressed confidence that she would further strengthen Pakistan’s engagement with the institution. On the sidelines of the ASEAN forum, Dar also met Bangladesh’s Foreign Minister Khalilur Rehman. The two leaders reviewed the positive momentum in bilateral relations and discussed ways to expand cooperation between the two countries. Both sides welcomed the steady improvement in diplomatic ties and appreciated the growing engagement in trade, communication and people-to-people contacts. They noted that the launch of direct flights earlier this year has further improved connectivity and created new opportunities for cooperation. The two ministers reaffirmed their commitment to maintaining the positive momentum in bilateral relations and agreed to continue close engagement in areas of mutual interest. Dar and Rehman also exchanged views on regional and international developments, including issues affecting South Asia and broader global challenges. They emphasized the importance of dialogue and cooperation in promoting regional peace, stability and economic development. Earlier, Dar arrived in Manila with a Pakistani delegation to participate in the 33rd ASEAN Regional Forum Ministerial Meeting. During the visit, he is expected to attend the forum’s plenary session and hold several bilateral meetings with foreign ministers from participating countries. The ASEAN Regional Forum brings together foreign ministers and senior diplomats from ASEAN member states and major global powers to discuss regional security, economic cooperation, energy security, food security, geopolitical developments and other international issues. Representatives from the United States, China, Japan, India, Australia, South Korea, Russia, the United Kingdom and the European Union are also participating in the meeting.