Saudi Arabian mining fund Manara Minerals is set to buy a 10-20 per cent in the Reko Diq copper and gold project in Pakistan for proceeds of about $500 million to $1 billion, the Financial Times reported on Tuesday. Manara Minerals would buy the equity stake from the government of Pakistan, which owns 25pc of the mine, in the project, which is being co-developed by Canada’s Barrick Gold, the FT
Finance Minister Muhammad Aurangzeb told Reuters on Tuesday that the government has agreed terms for a $1 billion loan with two Middle Eastern banks at a six to seven per cent interest rate as Pakistan looks for more financing. “With two institutions we have now gone forward in signing up the term sheet — one bilateral and one for trade (finance),” Aurangzeb said during an interview on the side
The federal cabinet on Tuesday approved the extension of licences for 86 foreign pilots currently employed in Pakistan for the past two years. The decision, made during a meeting chaired by Prime Minister Shehbaz Sharif, followed a recommendation from the Cabinet Division. The cabinet also approved a three-year licence validation for foreign pilots hired in 2025, according to a press release fr
The federal government has claimed over Rs225 billion in receivables from K-Electric, that also include an overwhelming Rs186.5bn as mark up on a principal liability of Rs38.8bn. The power division, in its monthly report, put the power sector’s circular debt at Rs2.381 trillion as of end-Nov 2024. The debt stood at Rs2.678tr in Nov 2023 — a reduction of around 11pc. The monthly circular debt
The National Assembly Standing Committee on Finance and Revenue has endorsed the Federal Board of Revenue’s (FBR) efforts to prevent black money in real estate and formed a sub-committee to review the proposed tax amendment bill with relevant stakeholders. The committee meeting, chaired by MNA Naveed Qamar, reviewed the Tax Laws (Amendment) Bill 2024 and appointed a sub-committee to resolve the