Finance Minister Muhammad Aurangzeb on Wednesday met the chairman of the U.S. Export-Import Bank in New York, discussing financing opportunities for Pakistan International Airlines aircraft, refinery modernization and the Reko Diq mining project.
In a statement issued on Thursday, the Finance Division said the minister met John Jovanovic on the sidelines of 81st session of the United Nations General Assembly. Their discussions focused on identifying specific transactions that could receive U.S. EXIM Bank financing while work continues on a broader Pakistan-U.S. cooperation framework.
Aurangzeb outlined PIA’s interest in acquiring Boeing aircraft, particularly 787 Dreamliners, and sought support for a financing package covering aircraft and engines, according to the Finance Division. He also raised the need for spare parts to return grounded Boeing 777 aircraft to service.
The two sides agreed to continue work on a broader cooperation framework while prioritizing specific transactions, including possible financing for aircraft pre-delivery payments.
The discussions follow a separate meeting between Aurangzeb and Boeing Global President Brendan Nelson in New York, where Boeing said it would provide PIA with a revised proposal for new aircraft and explore earlier delivery slots and interim leasing arrangements.
Refinery modernization
Refinery upgrades were also identified as a potential area for U.S. EXIM Bank financing as Pakistan seeks to modernize its refining capacity and reduce reliance on imported petroleum products. Islamabad has previously discussed potential U.S. financing for refinery modernization with Honeywell Technologies, including possible support from EXIM Bank, the U.S. International Development Finance Corp. and other export credit agencies.
The finance minister also emphasized the importance of the Reko Diq mining project for Pakistan’s future exports and highlighted the economic cost of delays. He welcomed the U.S. EXIM Bank’s continued commitment to the project.
The government has allocated Rs. 38 billion in its fiscal 2026-27 budget for its capital expenditure obligation for the Reko Diq project, alongside Rs. 2 billion for a third-party guarantee fee.
Pakistan has previously sought U.S. EXIM Bank participation in financing the project, with the Finance Division saying in earlier engagements that U.S. companies had expressed interest in Reko Diq and that the government expected EXIM Bank to participate in the financing syndication.
Digital transformation
Separately, Aurangzeb told a Digital Cooperation Organization high-level ministerial dialogue that digital transformation was central to Pakistan’s transition from economic stabilization to sustainable growth.
He highlighted digital public infrastructure and cashless payments, while calling for greater upskilling and reskilling to enable freelancers and other digital workers to move into higher-value services.
Aurangzeb also discussed Pakistan’s work on legislation, oversight and licensing of virtual assets, saying their potential applications extend beyond cryptocurrency to areas such as lower-cost remittances and possible tokenization of public debt and real estate. He called for closer cooperation among DCO member states to share successful approaches and attract investment into the digital economy.
The engagements underline Pakistan’s efforts to secure external financing and investment for strategic sectors while pursuing reforms aimed at moving the economy from stabilization toward longer-term growth.