Pakistan has sought financing support from the US Export-Import Bank for the procurement of new aircraft for Pakistan International Airlines (PIA), with Boeing 787 Dreamliners emerging as a key focus of discussions. The matter was discussed by Finance Minister Muhammad Aurangzeb during a meeting with US EXIM Bank Chairman John Jovanovich in New York, where the two sides also examined potential financing for refinery upgrades and the Reko Diq mining project. The meeting took place during Aurangzeb’s visit to New York for the 81st Session of the United Nations General Assembly.
During the discussions, the finance minister outlined PIA’s interest in Boeing aircraft, particularly the Boeing 787 Dreamliner, and sought support for a financing package that could cover both aircraft and engines. The talks also addressed the need for spare parts to help bring grounded Boeing 777 aircraft back into service. Improving the availability of aircraft and restoring grounded planes are part of the broader fleet-related discussions taking place as Pakistan considers the future structure and operations of its national airline.
Pakistan and US EXIM Bank also agreed that discussions on a broader cooperation framework should continue while attention is given to specific transactions that could be pursued in the near term. One of the areas discussed was potential financing for aircraft pre-delivery payments. Such financing could support the process of acquiring new aircraft by addressing funding requirements that arise before aircraft are delivered to the airline.
Refinery upgrades were identified as another potential area where US EXIM Bank could provide support. The discussions therefore extended beyond aviation and covered opportunities for financing projects in other sectors of Pakistan’s economy. The finance minister also discussed the Reko Diq mining project with the US EXIM Bank chairman, stressing its importance for Pakistan’s future export potential and highlighting the economic cost associated with delays. Aurangzeb welcomed the bank’s continued commitment to the project.
Separately, Finance Minister Muhammad Aurangzeb held discussions with Boeing Global President Dr Brendan Nelson regarding PIA’s fleet modernisation and broader cooperation in Pakistan’s aviation sector. Boeing confirmed that it would submit a revised proposal to PIA for the acquisition of new aircraft. The two sides also agreed to explore options that could provide earlier delivery slots, as well as interim leasing arrangements that could help address fleet requirements before newly ordered aircraft become available.
The discussions with Boeing covered several elements of PIA’s fleet planning, including financing support through the US Export-Import Bank, engine procurement, spare parts, maintenance and the restoration of grounded aircraft. These areas are relevant to both the acquisition of new aircraft and the operational availability of the airline’s existing fleet. The possibility of securing earlier delivery slots could also form part of PIA’s efforts to manage its fleet requirements during the transition toward newer aircraft.
Aurangzeb also briefed Boeing on PIA’s privatisation process and the government’s plans to outsource the management of major airports. He appreciated Boeing’s support in areas including aviation-safety capacity, regulatory engagement and the restoration of direct flights to the United States. The finance minister also highlighted Pakistan’s longer-term potential for growth in the aviation sector, linking fleet modernisation with wider developments in the country’s aviation infrastructure and services.
The latest discussions bring together aircraft procurement, financing, leasing, maintenance and aviation-sector cooperation as Pakistan considers changes to PIA’s fleet. The involvement of US EXIM Bank could provide a potential financing channel for aircraft and related requirements, while Boeing’s revised proposal is expected to provide further details on the proposed acquisition. At the same time, discussions around earlier deliveries, interim leasing and the return of grounded Boeing 777 aircraft to service indicate that PIA’s fleet planning involves both immediate operational requirements and longer-term modernisation.
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