PIA aircraft, refinery upgrades, Reko Diq: US financing opportunities being explored

ISLAMABAD: Finance Minister Senator Muhammad Aurangzeb on Thursday explored US financing opportunities for PIA aircraft, refinery upgrades and the Reko Diq mining project during his engagements in New York.

According to a press release issued by the finance ministry issued here on Thursday, the minister discussed the financing opportunities with US Export-Import Bank Chairman John Jovanovich, including a potential package for PIA’s procurement of aircraft and engines, particularly Boeing 787 Dreamliners, as well as spare parts to bring grounded Boeing 777 aircraft back into service.

Both sides agreed that work on a broader cooperation framework should continue while they prioritize 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 emphasized 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.

Meanwhile, the minister also engaged with international partners on digital transformation, aviation, refinery modernization and the Reko Diq mining project.

He participated in the Digital Cooperation Organization’s High-Level Ministerial Dialogue, where he described digital transformation as a key part of Pakistan’s transition from economic stabilization to sustainable growth.

He highlighted the development of digital public infrastructure and cashless payments, while stressing that connectivity must be accompanied by up-skilling and re-skilling to help freelancers and other digital workers move into higher-value services.

Noting the widespread adoption of virtual assets, Senator Muhammad Aurangzeb outlined Pakistan’s work on legislation, oversight and licensing, and emphasized practical uses beyond cryptocurrency, including cheaper and more seamless remittances and the potential tokenization of public debt and real estate.

He called for closer collaboration among DCO member states to share successful approaches and attract investment in the digital economy.