Finance Minister’s meeting with Chairman Exim Bank

Washington DC, April 17, 2015 (PPI-OT): Finance Minister Senator Mohammad Ishaq Dar met Chairman US Exim Bank Fed Hochberg and his team and discussed possible financing options in Pakistan. Finance Minister thanked President Exim Bank on approval of financing facility for repair of PIA engines.

Finance Minister informed the Chairman Exim Bank that Pakistan has now become eligible for IBRD loans as a result of improvement in macro indicators and other independent agencies like Moody’s had also improved Pakistan’s rating from Stable to Positive. Finance Minister, therefore, asked Exim Bank to reconsider Pakistan’s rating and offer terms being offered to other countries in the region.

Chairman US Exim Bank Mr Fred Hochberg appreciated the much improved performance of Pakistan economy and expected that in the annual country assessment due in Fall Pakistan will have a better risk assessment. Chairman Exim Bank recalled that Pakistan had availed 12 year financing facility for purchase of Boeing 777 aircrafts some 10 years back, repayment of which was nearing completion.

Chairman Exim Bank stated that if PIA will apply for a similar 12 year financing facility for purchase of aircrafts then Exim Bank will definitely consider it. Chairman Exim Bank observed that US investors had become more interested in investing in Pakistan due to its economic policies and Exim Bank will finance viable projects.

Exim Bank clarified that under its existing cover policy for Pakistan, it is willing to consider an application from Pakistan for long term financing that meets Exim Banks financing requirements for the next phase of PIAs fleet renewal and expansion plan.

Exim Bank clarified that under its existing cover policy for Pakistan, it is willing to consider an application from Pakistan for long term financing that meets Exim Banks financing requirements for the next phase of PIAs fleet renewal and expansion plan.

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