US Treasury Secretary Commends Pakistan's Economic Reforms Amid Currency Swap Request

U.S. Treasury Secretary Scott Bessent praised Pakistan's progress in economic reforms during a meeting with Pakistan's finance minister, Muhammad Aurangzeb. Although Pakistan requested a $10 billion currency swap, Bessent emphasized the importance of continuing reforms for resilience and a return to international capital markets.

During a recent meeting, U.S. Treasury Secretary Scott Bessent commended Pakistan’s progress in economic reforms to Finance Minister Muhammad Aurangzeb. The discussion highlighted Pakistan's journey towards fiscal consolidation and macroeconomic stability.

Although the U.S. Treasury refrained from commenting on Pakistan's $10 billion currency swap request, Secretary Bessent underscored the necessity for ongoing reforms. He stressed the importance of economic self-reliance and pointed to Pakistan’s efforts to create favorable conditions for reintegration into international capital markets.

A U.S. official revealed the currency swap request, potentially crucial for Pakistan's economy, strained by the geopolitical impact of the Iran war, especially its dependence on the Gulf for energy imports and financial support. Despite aid from IMF and other channels, Pakistan seeks additional support while boosting its diplomatic stance by mediating in the Iran war.