Aurangzeb seeks US financing for PIA

Finance minister also asks for US EXIM support for Reko Diq project

ISLAMABAD:

Federal Minister for Finance and Revenue Senator Muhammad 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, alongside the prime minister of Pakistan. He engaged with international partners on digital transformation, aviation, refinery modernisation and the Reko Diq mining project.

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

Muhammad Aurangzeb outlined PIA's interest in Boeing aircraft, particularly 787 Dreamliners, and sought support for a financing package covering aircraft and engines. He also underscored 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 identified as another potential area for US Exim Bank support.

On Reko Diq, the finance minister highlighted the project's importance for Pakistan's future exports and the cost of delays, and welcomed US Exim Bank's continued commitment to the project.

His engagements outlined 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.

The finance minister also participated in the Digital Cooperation Organisation's High-Level Ministerial Dialogue, where he described digital transformation as a key part of Pakistan's transition from economic stabilisation to sustainable growth.

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

Noting the widespread adoption of virtual assets, Aurangzeb outlined Pakistan's work on legislation, oversight and licensing, and underscored practical uses beyond cryptocurrency, including cheaper and more seamless remittances and the potential tokenisation 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.