Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met with John Jovanovich, Chair of the US Export-Import Bank, during his visit to New York for the 81st Session of the United Nations General Assembly. The meeting covered financing opportunities across three areas: the procurement of aircraft for Pakistan International Airlines, refinery upgrades, and the Reko Diq mining project, bringing together aviation, energy, and mining financing under a single high-level discussion.
On aviation, Aurangzeb outlined PIA’s interest in acquiring Boeing aircraft, specifically 787 Dreamliners, and sought US EXIM Bank support for a financing package that would cover both the aircraft and their engines. He also raised the issue of spare parts needed to return PIA’s grounded Boeing 777 aircraft back into service, pointing to a more immediate operational need alongside the longer-term fleet expansion discussion. Both sides agreed that work on a broader cooperation framework between Pakistan and US EXIM Bank should continue in parallel with prioritizing specific transactions, including possible financing arrangements for aircraft pre-delivery payments, a mechanism airlines commonly use to fund the upfront costs associated with new aircraft orders before delivery.
Refinery upgrades were identified as another potential area for US EXIM Bank support, though the meeting readout did not specify which refinery or refineries were discussed, or the scale of financing being considered for that segment. Pakistan’s refining sector has faced longstanding calls for modernization investment, and US EXIM Bank financing could represent one channel for supporting upgrades if a specific transaction moves forward.
On Reko Diq, Aurangzeb emphasized the project’s importance to Pakistan’s future export earnings and highlighted the cost of continued delays, while welcoming US EXIM Bank’s ongoing commitment to the copper and gold mining project. No specific financing amounts, timelines, or formal agreements were announced following the meeting on any of the three areas discussed, with officials describing the talks as a continuation of the broader cooperation framework between Pakistan and the US EXIM Bank.
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