Day: August 9, 2023

Tumultuous NA term ends today

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shehbaz-shareef

Prime Minister Shehbaz Sharif on Tuesday confirmed that the term of the National Assembly would be cut short prematurely on August 9 (today), paving the way for a caretaker setup to take up the reins after consultations with the opposition leader. PM Shehbaz Sharif will formally recommend to President Arif Alvi the dissolution of the 15th National Assembly once the government’s term is completed. The president will have 48 hours to comply with the recommendation; if he fails to do so, the legislature will automatically stand dissolved. During a ceremony…

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ECC okays $3b loan guarantee for N-plant

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dollars

Pakistan on Tuesday approved issuing $3 billion worth sovereign guarantees against a Chinese loan for a nuclear power plant and also stamped an operator-favoured State Support Agreement for the outsourcing of the Islamabad International Airport. The Economic Coordination Committee (ECC) of the outgoing cabinet took these decisions but left a decision for the import of at least one million metric tons of wheat for the caretaker government. Finance Minister Ishaq Dar, who may have some role in the interim setup, chaired the ECC meeting. After the meeting, the Ministry of…

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Barrick open to Saudi stake in Reko Diq

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barrick

TORONTO: Barrick Gold Corp is open to bringing in Saudi Arabia’s wealth fund as one of its partners in Pakistan’s Reko Diq gold and copper mine, Barrick CEO Mark Bristow told Reuters in an interview on Tuesday. He also dismissed a June media report that Barrick was in talks with fellow Canadian miner First Quantum Minerals on a possible acquisition as a “rumour”. Barrick Gold owns a 50 per cent stake in Pakistan’s Reko Diq mine, with the remaining 50pc owned by the governments of Pakistan and the province of Balochistan. Barrick…

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