Tue, 21-Oct-2025

PM Shehbaz commends SIFC’s role in country’s progress

PM Shehbaz

ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif said that the Special Investment Facilitation Council (SIFC) was playing a critical role in country’s progress and prosperity and thanked the provincial governments for expressing their confidence in SIFC.

Addressing a meeting of SIFC, the prime minister said that should work tirelessly to build a ‘Pakistan as perceived by their founding fathers and by acting upon the advices of Quaid-e-Azam Muhammad Ali Jinnah and Allama Muhammad Iqbal.’

The prime minister urged the provincial governments to further support the SIFC and move ahead in unison like a family to compensate for the losses of the past and overcome issues of poverty and hunger in the country.

He said that the federal government did not get enough for initiating development projects after distribution of resources among the provinces, therefore under such conditions all the governments should move together with unity.

Updating the members of SIFC about his recent visit to the United Arab Emirates, he said the UAE leadership had announced 10 billion dollars investment in Pakistan and expressed their complete confidence in SIFC. The leadership of brotherly countries and others as well were aware of the functioning of SIFC, he observed.

When SIFC was formed through legal procedures, certain concerns were expressed by a quarter but with the passage of time, its significance, efficiency and achievements had shut all kinds of criticism and everybody now fully supported its initiatives, he added.

The prime minister also cited his meeting with a German delegation that was also aware of the functioning of the SIFC.

The prime minister stressed that they should resolve today to achieve their targets as sky was the limit and would work day and night to transform Pakistan into something upon which the Pakistanis could feel pride.

The prime minister also underlined the need of capacity building and enhancing professionalism of experts in different fields. He said that he had already instructed the ministries clearly to hire consultants and experts and would soon seek their feedback.

The prime minister said that the digitization process of the Federal Bureau of Revenue had already commenced.

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PM hopeful of SIFC bringing in over $60b investment to Pakistan

SIFC
  • One-window opportunity on platform of SIFC is primarily being designed.
  • Kakar said dispute resolution mechanism had been agreed under SIFC platform.
  • He hoped to conclude deal by December for Saudi Arabia to buy stakes in Reko Diq,

ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar expressed the hope that the Special Investment Facilitation Council (SIFC) would help bring in over $60 billion investment to Pakistan in the next five years.

“It is indeed. It could be probably more than that,” the prime minister said in an interview with Arab News when asked whether the reports that the SIFC would bring in up to $60 billion in investments in Pakistan in the next five years were realistic.

He said the SIFC would serve as a “one-window operation” to address any concerns of foreign investors.

“Two or three areas have already been addressed, like repatriation of dollars, which is the demand of any FDI [foreign direct investment] entity, [that] it’s insured, it’s legally protected,” the prime minister said.

“Secondly, the bureaucratic red-tapism has also been addressed, the one-window opportunity on the platform of SIFC is primarily being designed for this purpose, that we need to cut off all these bureaucratic hurdles and rationalize the entire process of allowing and giving permission to any investment from outside within 15 days.”

He said a dispute resolution mechanism had been agreed under the SIFC platform.

“It’s quite encouraging and favourable, which is acceptable to all the outside parties … The dispute resolution mechanism has been addressed.”

To a question, he said the government hoped to conclude a deal by December for Saudi Arabia to buy stakes in Reko Diq, one of the world’s biggest gold and copper mining projects.

“We are quite excited at the Saudi offer, and we would be very much encouraging their participation, not just in this project but otherwise also,” Prime Minister Kakar said.

“It is the negotiation part, which is happening between the three parties, and let’s see what sort of outcome comes of that.”

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Rabbani demands ECP to take notice of selling Reko Diq shares 

Rabbani
  • He said sale of shares is a long-term economic decision.
  • Raza Rabbani said caretaker government has no mandate.
  • He said ECP is violating constitution by not holding election.

ISLAMABAD: Former Chairman Senate Raza Rabbani has said that the caretaker government does not have the legal authority to sell the government shares of Reko Diq.

In his statement, senior PPP leader Raza Rabbani said that the sale of shares is a long-term economic decision, for which the caretaker government has no mandate.

He demanded that the Election Commission of Pakistan (ECP) should take notice of this matter.

Raza Rabbani said that the Election Commission is violating the constitution by not holding the election within 90 days, the delay in announcing the election date is creating political instability and economic uncertainty.

He said that the Election Commission no longer has an excuse for constituencies and ECP should immediately announce the date of the elections.

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Barrick Gold sets up primary school near Reko Diq

Reko Diq school

Barrick Gold set up a primary school at Humai village The school will provide free education to children of adjoining areas The school was set up under the company’s social investment program QUETTA: Barrick Gold Corporation set up a primary school at Humai village near Reko Diq. The school was set up under the company’s … Read more

Reko Diq deal: Barrick makes initial payment of $3mn to Balochistan

Barrick Gold

Barrick Gold made the payment of $3mn to Balochistan Barrick Gold and Government of Balochistan agreed on the disbursement of funds The company has targeted first production in 2028 QUETTA: Barrick Gold Corporation has made the first payment of US$3 million (approximately 750 million Pakistani rupees) to the government of Balochistan as part of Reko … Read more

Local tribesmen demand due rights from Reko Diq project

Reko Diq

Members of four native tribes have demanded their rights The tribes claim to own the area Reko Diq falls in Tribals said they were not taken into confidence before striking deal DALBANDIN: Members of four native tribes have urged the authorities concerned to ensure their engagement in Reko Diq Project, as they claimed to own … Read more

Barrick Gold starts implementation of Reko Diq agreement

Reko Diq agreement

Barrick Gold Corporation has started work on Reko Diq project The company has set up an office in Quetta and hired engineers The company will invest in developing social sector and community programs QUETTA: Mining giant Barrick Gold Corporation has officially started work on the implementation of the multi-billion Reko Diq agreement in Balochistan. A … Read more

Reko Diq deal: Govt attempts to address allied parties’ concerns 

JUI-F and BNP-M had raised concerns over Reko Diq deal Allied parties decide to boycott cabinet meetings BNP-M chief said Balochistan was deprived of its rights ISLAMABAD: The federal government attempted to allay the concerns of allied parties who expressed reservations over the multi-billion Reko Diq agreement in Balochistan. Two allied parties of the ruling … Read more

Allied parties express reservations over Reko Diq agreement

Reko Diq

JUI-F, BNP-M expressed reservation over the agreement They allies boycotted cabinet meeting until amendments are implemented The cabinet took decisions regarding the Reko Diq agreement ISLAMABAD: Two main coalition parties of the federal government have expressed reservations over the multi-billion Reko Diq agreement, Bol News reported citing sources. Prime Minister Shehbaz Sharif chaired a meeting … Read more

Senate passes Foreign Investment Bill to protect Reko Diq deal

Reko Diq

Senate passed the Foreign Investment (Promotion and Protection) Bill The bill aims to protect investors and promote large-scale foreign investment The bill was passed to favour the multi-billion Reko Diq investment ISLAMABAD: The Senate on Monday passed the Foreign Investment (Promotion and Protection) Bill, 2022 to promote and protect foreign investment in relation to the … Read more

Environmental considerations taken into account in Reko Diq project: SC told

Reko diq agreement

Supreme Court had enquired about environmental friendliness of Reko Diq project The counsel informed that all environmental considerations had been taken into account The court was told that Pakistan’s investment was through three government-owned entities ISLAMABAD: The Supreme Court on Monday resumed hearing the presidential reference on the Reko Diq agreement and was informed regarding … Read more

SC hears reference on transparency of Reko Diq agreement

Reko diq agreement

ISLAMABAD: Supreme Court of Pakistan on Tuesday resumed hearing the presidential reference on the Reko Diq agreement. A five-member larger bench of the Supreme Court headed by CJP Justice Umar Ata Bandial and comprising Justice Ijazul Ahsan, Justice Muneeb Akhtar, Justice Yahya Afridi, and Justice Jamaal Khan Mandokhel heard the case seeking the legality of … Read more

SC adjourns hearing of presidential reference on Reko Diq agreement

Reko Diq agreement

ISLAMABAD: The Supreme Court of Pakistan on Monday heard the presidential reference on the Reko Diq agreement. A five-member larger bench headed by Chief Justice of Pakistan (CJP) Justice Umar Ata Bandial and comprising Justice Ijazul Ahsan, Justice Muneeb Akhtar, Justice Yahya Afridi, and Justice Jamaal Khan Mandokhel heard the presidential reference filed in the … Read more

Reko Diq reference: SC appoints 3 lawyers as amicus curiae

SC PTI dissident members

ISLAMABAD: The Supreme Court of Pakistan named three amicus curiae for hearing a presidential reference seeking validation for the new Reko Diq project deal. President Alvi has asked the Supreme Court whether a new deal on the Reko Diq with Barrick Gold Corporation was legal under Article 186 of the Constitution and international arbitration. The … Read more

Reko Diq will be gateway for investment in Balochistan: CM Bizenjo

Reko Diq project

QUETTA: Chief Minister Mir Abdul Quddus Bizenjo has said the Reko Diq projecting will be a gateway for investment in Balochistan. The chief minister was speaking during a luncheon hosted in honour of Mark Bristow, CEO of Barrick Gold Corporation, the company working on the Reko Diq project. Balochistan opposition leader Malik Sikander, Acting Speaker, … Read more

President approves filing Reko Diq reference in Supreme Court

Reko Diq case

ISLAMABAD: President Dr Arif Alvi has approved the filing of a reference in the Supreme Court of Pakistan to get validation of the Reko Diq project. The president has approved a summary for filing the reference under Article 186 of the Constitution. The reference will be filed in court by Attorney General of Pakistan Ashtar … Read more

Barrick Gold to start production from Reko Diq mine by 2027

reko diq

ISLAMABAD: Barrick Gold Corporation Chief Executive Officer Mark Bristow has said the company will invest approximately $7 billion in Reko Diq mines for developing gold and copper in two phases and start production by 2027. During a visit to Islamabad, Mark Bristow held a meeting Finance Minister Miftah Ismail and discussed the project. The finance … Read more

Federal govt to bear financial burden of Reko Diq, says PM Imran Khan

PM Imran Khan

Prime Minister Imran Khan has announced that the federal government will bear all the financial burden of Reko Diq for the progress and prosperity of Balochistan. Read more: Why Balochistan is still the poorest province despite great natural resources In a tweet, he said that the step was part of the government’s vision for the … Read more

Richly poor: Why Balochistan is still the poorest province despite great natural resources

According to the 2017 census, the poverty rate in southern Balochistan is 46%, the highest in the country – the lowest rate being 16.3% recorded in Punjab. Ironically, Balochistan is also the province richest in terms of natural resources. The official website of the Balochistan government says the province “possesses a great unexplored potential of … Read more

We Will Defend Pakistan In Every Possible Way On Every Legal Front: Farogh Naseem

Law minister renews Govt's commitment of women empowerment

Farogh Naseem says that the decision of the Reko diq case is a great achievement of Pakistan, all frozen assets of PIA have been released. Federal Law Minister Farogh Naseem while addressing a press conference in Islamabad congratulated the entire nation, including the Prime Minister, on the victory in the Reko diq case. He further … Read more