Pakistan Seeks US EXIM Financing for PIA Boeing 787 Dreamliners

NEW YORK: Pakistan has sought financing support from the US Export-Import Bank for Pakistan International Airlines' planned acquisition of new aircraft, including Boeing 787 Dreamliners, as the government looks for international backing to modernise the national carrier's fleet and strengthen other major economic projects.

Finance Minister Muhammad Aurangzeb raised the proposal during a meeting with US Export-Import Bank Chairman John Jovanovich in New York, where he is attending engagements linked to the 81st session of the United Nations General Assembly. The talks covered potential financing for aviation, refinery modernisation and the Reko Diq mining project.

Aurangzeb outlined PIA's interest in Boeing aircraft, with particular attention to the 787 Dreamliner. Pakistan is seeking a financing arrangement that could cover aircraft as well as engines. The minister also highlighted the need for spare parts required to return grounded Boeing 777 aircraft to operational service, making restoration of existing capacity another component of the airline's fleet strategy.

The two sides agreed to continue work on a broader framework for financial cooperation while also concentrating on transactions that could move forward individually. Among the options discussed was possible financing for pre-delivery payments associated with aircraft purchases. Such payments are typically required before new aircraft are delivered and represent an important funding requirement in large fleet procurement programmes.

The discussions come as PIA evaluates options to modernise its fleet and improve aircraft availability. In a separate engagement with Boeing Global President Brendan Nelson, Aurangzeb discussed potential new aircraft purchases and ways to accelerate deliveries. Boeing is expected to provide a revised proposal, while earlier delivery slots and temporary leasing arrangements are also being explored as possible options.

Beyond aviation, refinery upgrades were identified as another area where financing support could be considered. Pakistan is pursuing major investments in its refining sector to modernise ageing facilities, improve fuel standards and reduce dependence on imported petroleum products. Access to international financing would be important for projects requiring significant capital expenditure over several years.

The Reko Diq copper and gold project was also part of the discussions. Aurangzeb stressed its importance for Pakistan's future export earnings and highlighted the financial consequences of delays. The government welcomed continued engagement on the project as it seeks to mobilise foreign financing and investment for one of the country's largest planned mining developments.

During his New York engagements, the finance minister also discussed Pakistan's digital transformation agenda, including digital public infrastructure, cashless payments and development of skills for freelancers and technology workers. He outlined ongoing work on legislation, oversight and licensing for virtual assets while pointing to potential applications in remittances, public debt and real estate. The immediate next steps will involve further negotiations on specific financing transactions, including aircraft procurement, fleet restoration, refinery upgrades and continued support for major investment projects.