Fund okayed for Reko Diq dispute settlement.

ISLAMABAD -- The Economic Coordination Committee (ECC) of the Cabinet on Monday approved about Rs72 billion financing facility for payment of the Balochistan government's obligations in the Reko Diq Project dispute settlement.

The meeting presided over by Finance Minister Ishaq Dar, however, deferred proposals for increasing the minimum prices of about 177 medicines because of poor defence by the Drug Regulatory Authority of Pakistan (DRAP) chief executive and the secretary of national health services.

While the meeting rejected a proposal for increasing the price of Remdemsivir 100mg injection from the existing Rs1,892 per vial, it directed Drap and the Ministry of National Health Services to prepare their case and come back to the ECC to justify an increase in prices of 177 other medicines.

The ECC also deferred a summary for the appointment of the International Finance Corporation (IFC) of the World Bank as transaction adviser for the outsourcing of the country's three top airports - Karachi, Lahore and Islamabad - for 25 years.

ECC defers summary for price increase in 177 medicines

The ECC approved a summary of the Ministry of Energy regarding the arrangement of Rs65bn ($337.2m) to fund the Government of Balochistan's share of obligation in Reko Diq project dispute settlement. It directed the Ministry of Finance to arrange payment of markup amounting Rs6.238bn for the period from March 31, 2022 to Dec 30, 2022 to the National Bank of Pakistan (NBP) for the short-term finance facility of Rs65bn.

The meeting was informed that the Ministry of Finance had arranged a short-term finance facility of Rs65bn from the NBP on the balance sheet of Government Holdings Private Ltd (GHPL) - a subsidiary of the Ministry of Petroleum - with government guarantee for Balochistan's share of $337m in March last year.

As the final settlement was in progress, the...

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