Reporting snapshot · 24 September 2026. Pakistan's finance minister met the chair of the US Export-Import Bank (EXIM) in New York on 24 September and sought financing for PIA Boeing aircraft purchases, refinery upgrades and the Reko Diq copper-gold mine. The talks were described by the Finance Ministry as requests for support under a broader Pakistan-US cooperation framework; no financing package was announced. The account below rests on the ministry's official statement as carried by Radio Pakistan, Dawn and Profit by Pakistan Today.
What happened
Pakistan asked the US Export-Import Bank (EXIM) to help finance purchases of Boeing aircraft for Pakistan International Airlines (PIA), upgrades at the country’s oil refineries, and the Reko Diq copper-gold mine, according to an official statement circulated on Thursday, 24 September.
Finance Minister Muhammad Aurangzeb raised the requests in New York with John Jovanovich, the chair of the US export-credit agency, during his visit for the 81st session of the UN General Assembly, according to Radio Pakistan, which carried the ministry’s statement. The two sides discussed financing opportunities for procuring aircraft for PIA, refinery upgrades and the Reko Diq mining project.
Aurangzeb told Jovanovich that PIA was interested in Boeing aircraft, particularly the 787 Dreamliner, and sought a financing package covering aircraft and engines, Profit by Pakistan Today reported. He also raised the need for spare parts to return grounded Boeing 777 aircraft to service. Both sides agreed to continue work on a broader cooperation framework while prioritising specific transactions, including possible financing for aircraft pre-delivery payments. Refinery upgrades were identified as another potential area for EXIM support.
On Reko Diq, the finance minister emphasised the project’s importance to Pakistan’s future exports and the cost of delays, and welcomed what the ministry described as EXIM’s continued commitment to the mine, Dawn reported. The meeting followed separate talks between Aurangzeb and Boeing Global President Brendan Nelson, at which the US planemaker confirmed it would submit a revised proposal for new aircraft to PIA, with options for earlier delivery slots and interim leasing arrangements also to be explored.
Why it matters
The requests are part of Pakistan’s broader effort to diversify its external financing beyond the International Monetary Fund, China and the Gulf states, and to deepen economic ties with Washington as it implements a $7 billion IMF programme. The country has traditionally relied heavily on those three sources, but has increasingly sought US investment and financing, particularly in mining and other strategic sectors.
Pakistan is already pursuing several linked tracks with US institutions. Aurangzeb told Reuters in mid-September that Pakistan expected a response within two months to its request for a $10 billion exchange stabilisation facility from Washington, and that the government was in talks with EXIM and the US International Development Finance Corporation (DFC), as Geo News carried. Under that arrangement, EXIM financing could support Boeing aircraft purchases by PIA now that the national carrier is privatised, while the DFC could help fund a planned $5 billion programme to upgrade the country’s oil refineries.
The EXIM talks also come as Pakistan moves ahead with a long-delayed programme to modernise its five existing oil refineries — Attock Refinery, National Refinery, Cnergyico, Pakistan Refinery and Pak-Arab Refinery — which the government estimates could attract around $6 billion in investment over five years. The aim is to improve fuel quality, increase production of petrol and diesel, and reduce the output of lower-value furnace oil.
The Reko Diq project, in Balochistan, is central to Pakistan’s export ambitions. US EXIM approved $1.25 billion in financing for the copper-gold mine last November, in one of the largest US partnerships in Pakistan’s minerals sector, and the finance ministry described EXIM as a continued backer of the project. Pakistan’s broader engagement with Washington also includes work on a reciprocal trade framework and the country’s recent return to international capital markets after a four-year gap.
What it means for PIA
The request to EXIM is the latest step in PIA’s fleet-renewal effort since its privatisation and first financial closing earlier this year. The airline has said it needs a fleet of at least 25 to 30 aircraft to operate sustainably and support expansion, and has grounded Boeing 777 aircraft it is seeking to return to service with spare parts. Boeing’s revised proposal to PIA would come alongside possible EXIM financing, earlier delivery slots and interim leasing.
Financing for the aircraft would be a significant test of how far US export-credit support can extend after the carrier’s privatisation. EXIM’s aircraft programme offers direct loans or guarantees for purchases of US-made aircraft, typically covering a large share of the US contract price. The talks, however, remain at the stage of requests and framework-building; no agreement on financing or leasing was announced.
What is still uncertain
The meeting produced no financing commitment. The ministry described the outcome as continued work on a broader cooperation framework with priority given to specific transactions, meaning the size, terms and timing of any EXIM financing for PIA aircraft, refinery upgrades or Reko Diq remain open questions.
Several figures in play should be treated with caution: the refinery-modernisation programme has been described as both a $5 billion plan (in the context of possible DFC support) and a roughly $6 billion programme over five years (in the government’s own estimates), and the $10 billion exchange stabilisation facility is a separate request awaiting a US response. The number of aircraft PIA might buy, their model mix and delivery schedule have not been disclosed.
The broader question is whether the Trump administration converts Pakistan’s diplomatic goodwill — including its role in the US-Iran ceasefire framework — into economic support, and whether any financing would be tied to continued progress on the IMF programme and the reforms the Fund has pressed for. As the talks continue through the UN General Assembly meetings, the specific transactions and their financing terms will determine whether the requests turn into actual packages.
Sources & reporting notes
This is a synthesis of published material, not eyewitness reporting. Sources were reviewed on 24 September 2026. The account of the meeting and Pakistan's specific requests rests on the Finance Ministry's official statement as carried by Radio Pakistan; Dawn and Profit by Pakistan Today provide independent reporting on the same meeting; Geo News' report of the Reuters interview with Aurangzeb provides the earlier context of the EXIM, DFC and stabilisation-facility talks.
- Radio Pakistan — Finance Minister meets Chair of US Export-Import Bank24 September 2026 · Official statement of the meeting, PIA's interest in Boeing 787s and the request for an aircraft-and-engines financing package, the refinery and Reko Diq items.
- Dawn — In meeting with EXIM Bank, Aurangzeb discusses Reko Diq, PIA procurement24 September 2026 · Independent report of the meeting, quoting the ministry on PIA's Boeing interest, grounded-aircraft spare parts and the pre-delivery-payment and framework discussion.
- Profit by Pakistan Today — Pakistan seeks US EXIM support for PIA Boeing purchases24 September 2026 · Independent report of the EXIM meeting and the separate Boeing talks, including the revised proposal, earlier delivery slots and interim leasing.
- Geo News (Reuters) — Pakistan eyes bigger China swap line, expects US financing decision soon17 September 2026 · Context on the $10bn exchange stabilisation facility request, the EXIM talks for PIA Boeing aircraft and the DFC's potential role in refinery upgrades.
_Pakistan_International_Airlines_-_PIA_(5885051551).jpg){kind=link}