Finance Minister Muhammad Aurangzeb says Pakistan has formally sought a $10 billion facility from the US Treasury, with progress expected by September.
WEB DESK: Finance Minister Muhammad Aurangzeb has confirmed that Pakistan has requested a $10 billion financial facility from the United States, saying progress on the request is expected by September.
Speaking to the media, Aurangzeb said Pakistan had applied for the facility under an Exchange Stabilisation Facility, with the request currently with the US Treasury Department.
$10bn request submitted to US Treasury
According to the finance minister, Pakistan’s request has formally been submitted and discussions are underway with relevant US institutions.
Aurangzeb expressed hope that there would be progress on the request by September, although the final outcome will depend on negotiations and the approval process.
The proposed facility is aimed at strengthening Pakistan’s financial position and providing additional support for economic and external-sector stability.
Pakistan explores longer repayment period
The finance minister also said Pakistan is considering different options to extend the maturity of bilateral loans between the two countries.
According to Aurangzeb, Islamabad wants to extend the repayment period of such loans to up to 10 years.
He added that discussions are continuing with US banks, the CDF and other relevant institutions regarding possible financing arrangements.
Broader financing strategy
Pakistan has been pursuing multiple avenues to strengthen its external financing position and improve financial stability.
The request to the United States comes as Islamabad continues negotiations with international partners and financial institutions over financing, debt management and economic support.
While the $10 billion facility has been requested, its approval, terms and eventual disbursement remain subject to the relevant US processes and negotiations.
