Pakistan's finance minister has formally requested a $10 billion financial facility from the United States, aiming to shore up the country's foreign exchange reserves and ease debt pressures. The request, made during a meeting with US Treasury Secretary Scott Bessent in Washington, marks a significant diplomatic push for economic support. Main Developments Finance Minister Muhammad Aurangzeb asked US Treasury Secretary Scott Bessent on Tuesday for a $10 billion Exchange Stabilisation Support Facility. The request was first reported by Reuters and later confirmed by officials at Pakistan's embassy in Washington, though no further details were provided. The proposed facility would be a financial mechanism under the US Treasury's Exchange Stabilisation Fund. It would provide loans or other backstop facilities to Pakistan, primarily to prevent currency instability and support the Pakistani rupee through foreign exchange market intervention. Read also: How Trump's New Tariff Wave Could Reshape Global Trade An official readout from the embassy noted that Aurangzeb sought US support for Pakistan's road-to-market strategy, citing improved access to international capital markets, higher foreign exchange reserves, and enhanced sovereign credit ratings. However, the statement omitted any mention of the $10 billion request. Background Pakistan has been seeking to stabilize its economy amid persistent currency volatility and significant external debt obligations. The country's foreign exchange reserves have remained under pressure, limiting its ability to manage imports and service debt. Previous stabilization efforts have included loans from the International Monetary Fund and bilateral partners, but Islamabad is now looking to the US for a new, dedicated facility. The Exchange Stabilisation Fund is a US Treasury tool traditionally used to support currency stability in partner countries. Such facilities have been deployed in other contexts, but a $10 billion request from Pakistan represents a substantial ask. Why It Matters If approved, the facility would provide Pakistan with a critical buffer against external shocks, reducing the risk of a balance-of-payments crisis. It could also signal renewed US engagement with Pakistan under the Trump administration, which diplomatic sources say has a keen interest in remaining involved and has pledged multiple times to help strengthen Pakistan's economy. For the US, the decision will test its willingness to extend direct financial support to a key regional partner. What's Next Diplomatic sources in Washington told Dawn there were strong chances the request would be approved, though the US Treasury declined to comment. The proposed facility would have a maturity of up to five years. Further discussions between Pakistani and US officials are expected in the coming weeks, with the outcome likely to influence Pakistan's broader economic strategy and its access to international capital markets.