Reko Diq project to be game changer for Balochistan: PM Shehbaz

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif said Reko Diq project would prove to be a game changer for the development of Balochistan and the prosperity of the people, ARY News reported.

Speaking to a delegation of Barrick Gold Company led by Chief Executive Officer Mark Bristow, the prime minister said that the project will start a new era of development of the province and prosperity of the people.

PM Shehbaz said that planning would be made regarding communication infrastructure, especially railway lines, to take full advantage of minerals in Balochistan. The prime minister asked Barrick Gold Company to also invest in other mineral projects in the province.

PM Shehbaz also suggested that Barrick Gold and the government work together to build a technical university in the province’s Chagai area.

“The government is doing everything it can to support investors, particularly in transportation and communication sectors,” the prime minister added.

During the meeting, the delegation provided an update on the Reko Diq project and stated that the feasibility study will be finished by the end of 2024. Shehbaz Sharif was informed that preference was being given to local and Balochistan-domiciled persons to work on the Reko Diq project.

The delegation said it had set up three schools near Reko Diq under Corporate Social Responsibility while so far the company also imparted technical training to 100 people including women.

Petroleum Minister Musadik Malik, Federal Minister for Law and Justice Azam Nazir Tarar, Deputy Chairman Planning Commission Muhammad Jehanzeb and relevant senior government officials participated in the meeting.

Earlier on Thursday, Sharif said that Pakistan needed another long-term bailout from the International Monetary Fund (IMF) to stabilize its fragile economy

“New tranche of loan is likely to be received from IMF in a few days, however, we would need another programme,” he said while addressing the session of the Special Investment Facilitation Council (SIFC) apex committee attended by civil-military leadership.

The comments came a day after the IMF agreed a provisional or staff-level agreement with Islamabad which, if approved by its board, would disburse the last tranche of $1.1 billion under an existing $3 billion standby arrangement.

He said that the International Monetary Fund (IMF) concluded the review for issuance of the last tranche of US$1.1 billion that hopefully be received by next month.