Pakistan’s Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held discussions with US Export-Import Bank Chairman John Jovanovich in New York on financing opportunities linked to Pakistan’s aviation, refinery and mining sectors. The meeting took place during Aurangzeb’s visit to New York for the 81st Session of the United Nations General Assembly. Discussions focused on potential US Export-Import Bank support for aircraft procurement by Pakistan International Airlines, the modernisation of refineries and continued financing for the Reko Diq mining project.
During the meeting, Aurangzeb outlined Pakistan International Airlines’ interest in acquiring Boeing aircraft as part of efforts to address its fleet requirements. The Finance Minister specifically highlighted interest in Boeing 787 Dreamliners and requested support for a financing package that would cover both aircraft and their engines. The discussions also covered the requirement for spare parts that could help bring grounded Boeing 777 aircraft back into service, an issue directly linked to the airline’s operational capacity and fleet availability.
The Finance Minister and the US Export-Import Bank Chairman also discussed the development of a broader cooperation framework between Pakistan and the US financing institution. Both sides agreed that while work on the wider framework should continue, attention should also be given to specific transactions that could move forward. One of the areas identified for potential support was financing for aircraft pre-delivery payments, which could assist Pakistan International Airlines in managing the financial requirements associated with future aircraft purchases.
Refinery upgrades were another area discussed during the meeting, with the US Export-Import Bank identified as a potential source of financing support. Modernisation and upgrading of refinery infrastructure can involve significant capital requirements, making access to international financing an important consideration for projects of this nature. The discussions therefore placed refinery improvements alongside aviation as another possible area for cooperation between Pakistan and the US Export-Import Bank.
The Reko Diq mining project also featured prominently in the discussions between Aurangzeb and Jovanovich. The Finance Minister stressed the importance of Reko Diq for Pakistan’s future export prospects and highlighted the economic cost associated with delays to the project. Aurangzeb also welcomed the US Export-Import Bank’s continued commitment to Reko Diq, reflecting the importance placed by Pakistan on maintaining international financial support for the development of the mining project.
The meeting brought together several projects with implications for Pakistan’s transportation, industrial and natural-resource sectors under discussions with the US Export-Import Bank. While the two sides agreed to continue developing a broader cooperation framework, they also identified specific financing opportunities that could be pursued alongside those wider discussions. These include possible support for Pakistan International Airlines’ aircraft-related requirements, refinery upgrades and the continued development of Reko Diq.
The discussions in New York indicate that Pakistan is seeking financing cooperation across multiple strategic sectors while engaging international institutions on specific transactions. For Pakistan International Airlines, the focus remains on aircraft and engine financing as well as spare parts for grounded Boeing 777 aircraft. At the same time, refinery improvements and the Reko Diq mining project remain potential areas for US Export-Import Bank involvement as both sides continue discussions on financing and cooperation.
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