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Day: December 19, 2024

ECC Approves Urea Subsidy, PRAL Restructuring, and Multiple Development Grants

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ECC-Approves

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet, chaired by Finance Minister Senator Muhammad Aurangzeb, approved key decisions on Wednesday, including a Rs10 billion allocation for urea subsidy dues and a restructuring plan for Pakistan Revenue Automation Limited (PRAL). The ECC endorsed a Commerce Ministry proposal for a 50:50 cost-sharing subsidy on imported urea and directed provinces to contribute…

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France Raises Concerns Over Challenges for Its Energy Firms in Pakistan

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France-Pak

ISLAMABAD: Following similar concerns voiced by Germany and the United Kingdom, France has expressed apprehensions regarding the difficulties faced by its energy companies operating in Pakistan. These concerns were highlighted by French President Emmanuel Macron during a recent bilateral meeting in Riyadh with Prime Minister Shehbaz Sharif. The Prime Minister assured Macron that these issues would be addressed, according to…

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Government Urges Provinces to Ensure Oil Price Cuts Benefit Consumers

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russia-oil

ISLAMABAD: The federal government has called on provincial administrations to take strict measures against petroleum dealers failing to pass on the benefits of recent fuel price reductions to consumers. Despite multiple cuts in petroleum prices, weak provincial oversight has prevented consumers from fully reaping the benefits. During a meeting of the National Price Monitoring Committee (NPMC), the Ministry of Planning,…

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ECC Approves New EPZ in Balochistan, Key Economic Measures Worth Rs48 Billion

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New-ECC

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet, led by Finance Minister Muhammad Aurangzeb, has approved the establishment of a new Export Processing Zone (EPZ) in Balochistan’s Chagai district, with 80% Chinese ownership. The Siah Dik Copper Project, spanning 4,208 acres near Saindak, will be operated by KoheSultan Mining Company Limited, with China Metallurgical Group Corporation holding the majority…

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Barrick Gold Seeks Arbitration Over Mali Mine Dispute

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Barrick-Project

WASHINGTON: Canadian mining giant Barrick Gold has initiated arbitration proceedings with the International Centre for Settlement of Investment Disputes to resolve a protracted dispute with Mali’s government regarding the Loulo-Gounkoto gold mine complex. The disagreement, stemming from Mali’s revised mining regulations in 2023, has escalated tensions between Barrick and the ruling junta. This month, Mali issued an arrest warrant for…

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ECC Approves Rs44bn Grants, Highlights Economic Stability

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Power genration

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet approved Rs44 billion in supplementary grants on Wednesday while projecting signs of macroeconomic stability. Finance Minister Muhammad Aurangzeb emphasized positive indicators such as a $944 million current account surplus, reduced inflation, and increased sales across key sectors. The surplus, the highest in a decade, stemmed from a 35% surge in remittances,…

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