India, July 22 -- Pakistan's government has approached the US for $10 billion in an Exchange Stabilisation Facility on Wednesday (July 22). This approach is likely to bolster the country's foreign exchange reserves and stabilise the Rupee. According to the latest reports, Pakistan's request to U.S. Treasury Secretary Scott Bessent is for a five-year bilateral financial agreement that would provide dollar support for its economy.

Islamabad continues with reforms outlined as part of its International Monetary Fund (IMF) programme; the bid aims at lessening its reliance on multilateral funding while improving economic links with Washington. Should it be approved, this facility should reduce pressure on forex reserves, support the Rupee, and...