Pakistan Applies $10 Billion U.S. Foreign‑Exchange Facility, Uses Iran as Mediator

Pakistan has requested a $10 billion foreign‑exchange facility from the United States. The country is also turning to Iran to help negotiate the terms of the deal. The facility would allow Pakistan to swap dollars for local currency, easing cash shortages. No further details on the terms or timing have been released. The application illustrates Pakistan’s ongoing efforts to manage its foreign‑exchange reserves.