Treasury’s Bessent Welcomes Pakistan’s Reforms, Push to Return to Capital Markets
Aurangzeb sought U.S. backing for market access, stronger reserves and better credit ratings as Pakistan appointed bank consortia for sovereign issuances.
- On Tuesday, Finance Minister Muhammad Aurangzeb met US Treasury Secretary Scott Bessent in Washington, seeking greater US support for improved access to international capital markets and enhanced sovereign credit ratings.
- Pakistan secured a $7 billion Extended Fund Facility after narrowly avoiding default in 2023, with Aurangzeb briefing Treasury on the country's transition from macroeconomic stabilization to sustainable, export-led growth.
- During the meeting, Pakistan requested a $10 billion exchange stabilization facility, though the Treasury statement released Wednesday did not address this specific request.
- Aurangzeb noted the economy's vulnerability to regional geopolitical developments, particularly the Iran war, while both sides reaffirmed commitment to deepening bilateral economic cooperation and promoting US investment.
- The government appointed financial consortia for three years to support sovereign capital market issuances through both conventional and Islamic financing instruments, building economic self-reliance.
14 Articles
14 Articles
US treasury secretary welcomes Pakistan’s economic reforms, return to capital markets
US Treasury Secretary Scott Bessent met Finance Minister Muhammad Aurangzeb a day earlier and welcomed Pakistan’s progress in implementing economic reforms and laying the groundwork for a return to international capital markets, the Treasury said in a statement on Wednesday. According to a statement, Bessent emphasised the “importance of Pakistan’s work to continue its reforms, become more economically self-reliant, boost growth and strengthen i…
US Treasury's Bessent meets Pakistan's Aurangzeb, hails reforms and push to re-enter capital markets
US Treasury Secretary Scott Bessent holds talks with Pakistan's Finance Minister Muhammad Aurangzeb in Washington DC, expressing support for Islamabad's efforts to build greater economic self-reliance, says Treasury statement.
Treasury’s Bessent welcomes Pakistan’s reforms, push to return to capital markets
By Andrea Shalal WASHINGTON, July 22 (Reuters) - U.S. Treasury Secretary Scott Bessent met Pakistan's finance minister, Muhammad Aurangzeb, on Tuesday and welcomed the country's progress in implementing economic reforms and laying the groundwork for a...
Treasury's Bessent welcomes Pakistan's reforms, push to return to capital markets
WASHINGTON, July 22 - U.S. Treasury Secretary Scott Bessent met Pakistan's finance minister, Muhammad Aurangzeb, on Tuesday and welcomed the country's progress in implementing economic reforms and laying the groundwork for a return to international capital markets, Treasury said in a statement on Wednesday. Read more at straitstimes.com.
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