Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, participated in high-level engagements in New York on the second day of his official visit to attend the 81st Session of the United Nations General Assembly, alongside the Prime Minister of Pakistan, engaging with international stakeholders on energy security, aviation-sector cooperation, healthcare programme implementation and climate finance.
The Finance Minister participated in a high-level dialogue hosted by the World Economic Forum (WEF) on “Powering Growth in the New Economy”, where he highlighted that the global focus had shifted from energy transition to the more immediate challenge of energy security, particularly amid ongoing geopolitical conflicts and disruptions to fuel supplies.
He noted that Pakistan had experienced a significant, largely private-sector-led expansion in solar energy, demonstrating the potential of renewable energy to reduce dependence on imported fuels. The Finance Minister also emphasised that difficulties in securing energy supplies had wider economic consequences, as energy security was closely linked to food security and overall economic resilience.
The Finance Minister also held a meeting with Dr. Brendan Nelson, President of Boeing Global, where discussions focused on PIA’s fleet modernization and broader cooperation in Pakistan’s aviation sector. Senator Muhammad Aurangzeb welcomed Boeing’s confirmation that a revised proposal for the acquisition of new aircraft would be shared with PIA, while options for earlier delivery slots and interim leasing arrangements would also be explored.
The discussion covered financing support from the US Export-Import Bank, engine procurement, spare parts, maintenance and restoration of grounded aircraft. The Finance Minister outlined PIA’s privatization and plans to outsource the management of major airports. He appreciated Boeing’s support for aviation-safety capacity, regulatory engagement and the restoration of direct flights to the United States, while underscoring Pakistan’s strong long-term aviation growth potential.
In a separate meeting with a representative of Abbott’s Pharmaceuticals Division, the Finance Minister discussed the implementation of Pakistan’s Hepatitis C elimination programme and broader issues relating to the pharmaceutical sector. He expressed concern over the slow progress of the programme, noting that only around 100,000 of the approximately three million procured diagnostic tests had been utilized, which was attributable to leadership turnover, inadequate project management and limited public awareness.
The Finance Minister appreciated Abbott’s technical assistance based on its experience supporting Egypt’s large-scale screening programme. The meeting also covered improvements in DRAP’s regulatory capacity, pharmaceutical export diversification, Abbott’s plans for oncology treatment, and delays in resolving hardship medicine-pricing cases. He acknowledged the need to balance affordability with commercial viability and continuity of supply, and undertook to raise the programme’s implementation issues with the relevant authorities in Pakistan to expedite progress.
The Finance Minister also participated in the UN-hosted “Solutions Dialogue on Climate Finance”, where he highlighted Pakistan’s acute vulnerability to climate change and emphasised the Government’s responsibility to establish credible adaptation and disaster-response frameworks, early-warning systems, climate strategies and a pipeline of bankable projects.
Senator Muhammad Aurangzeb stressed that climate resilience must begin with domestic macroeconomic stability and adequate fiscal and external buffers, while international support should complement national resources. He outlined Pakistan’s diversified financing approach, combining domestic resources with assistance from the World Bank and the IMF’s Resilience and Sustainability Facility, access to capital markets through green instruments, and partnerships with private investors.
The Finance Minister expressed concern over the slow operationalization of the Loss and Damage Fund and urged the Green Climate Fund and other international institutions to simplify their accreditation, approval and disbursement procedures so that vulnerable countries could access climate finance more efficiently.
The Finance Minister’s engagements during the second day of the UNGA High-Level Week covered key areas of Pakistan’s economic and development priorities, including energy security, aviation, healthcare and climate finance. The discussions provided an opportunity to highlight Pakistan’s ongoing efforts, strengthen engagement with international partners and explore avenues for greater cooperation.
