Pakistan and Saudi Arabia have reached a tentative agreement to sell Islamabad’s 15% shares in the Reko Diq project to Saudi investors, reports The News. This decision comes after Barrick Gold Corporation declined to sell its stakes in the multibillion-dollar project. With this development, Pakistan’s overall shares in the Reko-Diq project are anticipated to decrease from the current 50% to 35%. Out of this 35%, the Balochistan government will retain its existing 25% share, while the federal government’s State-Owned Enterprises (SOEs) stakes will decrease from 25% to 10%. According to official sources, Pakistan will become a minority shareholder in the project following this move. They cited the country’s experience in running joint ventures with international players, such as in the case of PTCL and the banking sector, as a factor informing this decision. Additionally, there are clauses in the existing agreement with Barrick Gold that prevent unilateral major decisions, especially regarding investments. Pakistan can invoke these clauses in case of urgent needs, sources added. #Pakistan #saudiarabia #news
What is 15% in value of the total value? and will this be used to pay back IMF debt? but what will happen that this amount will be send to make property in other countries, we as common people will not get benefit and that is Balochistani people raise their voice for this inequality and wrong use of national resource
Great
A Management & Legal Professionall
3moWho will decide to sell public property like this!!!! Why do we have everything in mystery!!!! People have the right to know what share is being sold to whom, what value and why. The public at large has a right to know what money we will get and how the people of this country will get benefited from it. Moreover there is a need that we must have a mechanism to ensure long term cost benefits of such sold out ....