Pakistan seeks US EXIM support for PIA Boeing 787 purchases, refinery upgrades

Pakistan has sought US Export-Import Bank (EXIM) financing for Pakistan International Airlines’ (PIA) planned aircraft purchases, including Boeing 787 Dreamliners, as well as support for refinery upgrades, Finance Minister Muhammad Aurangzeb said during meetings in New York.

Aurangzeb continued his high-level engagements on the third day of his visit to New York to attend the 81st Session of the United Nations General Assembly (UNGA), alongside the Prime Minister of Pakistan.

He engaged with international partners on aviation, refinery modernisation and the Reko Diq mining project, a statement read.

The finance minister held a meeting with the Chair of the US Export-Import Bank, John Jovanovich, where discussions focused on financing opportunities for procurement of aircraft for Pakistan PIA, refinery upgrades and the Reko Diq mining project.

Aurangzeb outlined PIA’s interest in Boeing aircraft, particularly 787 Dreamliners, and sought support for a financing package covering aircraft and engines.

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He also raised the need for spare parts to return grounded Boeing 777 aircraft to service.

Both sides agreed that work on a broader cooperation framework should continue while prioritising specific transactions, including possible financing for aircraft pre-delivery payments. Refinery upgrades were also identified as another potential area for US EXIM Bank support.

On Reko Diq, the finance minister emphasised the project’s importance to Pakistan’s future exports and the cost of delays, and welcomed US EXIM Bank’s continued commitment to the project.

The finance minister’s engagements highlighted Pakistan’s focus on advancing digital transformation, strengthening international economic cooperation and mobilising financing for key sectors, including aviation, refining and mining, while pursuing practical opportunities for cooperation and investment.

Earlier, Aurangzeb discussed PIA’s fleet modernisation with Boeing Global President Dr Brendan Nelson, as the airline looks to acquire new aircraft and explore options to accelerate deliveries.

The finance minister welcomed Boeing’s confirmation that a revised proposal for the acquisition of new aircraft would be shared with PIA, while options for earlier delivery slots and interim leasing arrangements would also be explored.