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Pepe Escobar: All Bets Are Off Uruguay and Argentina received stabilization funds from Scott Bessent and now Pakistan is asking for stabilization funds what are the details? Google AI Overview Pakistan has asked the United States for a $10 billion Bilateral Exchange Stabilization Support Facility with a maturity of up to five years. The request was delivered by Pakistani Finance Minister Muhammad Aurangzeb to U.S. Treasury Secretary Scott Bessent in Washington. Key Details of the Request The Ask: Creation of a $10 billion exchange rate and currency backstop facility.Repayment Terms: A maturity period of up to five years. Context: Follows Pakistan's diplomatic role in brokering talks during the recent regional conflict involving Iran. Goals: Boost foreign exchange reserves, stabilize the Pakistani rupee, and lessen strict reliance on multilateral lenders like the International Monetary Fund (IMF), though Islamabad remains under its existing $7 billion IMF program. U.S. Response and Precedent Official Stance: U.S. Treasury Secretary Scott Bessent met with Aurangzeb and publicly praised Pakistan's economic reforms and push toward capital markets, but the Treasury's official statements did not directly address or confirm the $10 billion stabilization fund request. Recent Precedent: This follows a similar $20 billion financial lifeline extended to Argentina via a currency swap backed by the U.S. Treasury's Exchange Stabilization Fund (ESF), which marked the first operation of its kind for a foreign government since Uruguay in 2002.