PM Shehbaz dials Akhter Mengal, Fazl as key allies hint at parting ways with govt over Reko Diq concerns

Web Desk 12:48 PM | 14 Dec, 2022
PM Shehbaz dials Akhter Mengal, Fazl as key allies hint at parting ways with govt over Reko Diq concerns

ISLAMABAD – Pakistani prime minister Shehbaz Sharif approached the ruling coalition allies, as two leading parties hinted at leaving the government over Reko Dik concerns.

Reports in local media said the premier held a telephonic conversation with Balochistan National Party leader Akhtar Mengal and JUI-F chief Maulana Fazlul Rehman to soothe soaring tensions.

The development comes as allied parties boycotted the federal cabinet meeting over a controversial bill regarding the revival of the Reko Diq copper and gold mine project in the country’s mineral-rich region.

Reports in local media suggest that PM also formed a cabinet committee to remove objections of JUI-F and BNP-M as both parties were fuming for not being taken on board during the preparation of the bill.

Lately, Fazl-led party and BNP leaders held their separate meetings in which they mulled leaving the alliance if their demands were not met.

Earlier this week, the upper house of the parliament passed the Foreign Investment Bill, 2022, for the reconstitution of a Reko Diq mining project, which will excavate gold and copper reserves in Balochistan.

As per the new agreement, the Canadian-based mining giant decided to become a 50 percent partner with federal and Balochistan governments.

Web Desk
Web Desk

Daily Pakistan Global Web Desk


ISLAMABAD – Pakistani rupee finally ended its losing streak against US dollar on Tuesday, gaining Rs4.43 after massive depreciation over the last week.

During the intra-day trading, the rupee was hovering at 266.75 with an appreciation of around 1.07 percent as talks between Pakistan and IMF underway for a stalled bailout programme.

Earlier on Monday, the rupee plunged by Rs7 and the greenback touched all-time high of Rs272. Last week, the local currency dropped by Rs24.54 in the interbank market – the largest single-day depreciation in more than two decades.

Finance experts linked the rupee’s recovery to exporters offloading some of their proceeds as remittances and export continued days after dollar cap was removed.

The country of over 220 million is facing a worst economic crisis with the forex reserved held by the country’s central bank remaining at critical $3.68 billion which were not enough to cover a month's import.

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs205,900 on Tuesday. The price of 10 grams of 24k gold was recorded at Rs176,530.

Likewise, 10 grams of 22k gold were being traded for Rs162,500 while a single tola of 22-karat gold was being sold at Rs 182,100.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 205,900 PKR 2,370
Karachi PKR 205,900 PKR 2,370
Islamabad PKR 205,900 PKR 2,370
Peshawar PKR 205,900 PKR 2,370
Quetta PKR 205,900 PKR 2,370
Sialkot PKR 205,900 PKR 2,370
Attock PKR 205,900 PKR 2,370
Gujranwala PKR 205,900 PKR 2,370
Jehlum PKR 205,900 PKR 2,370
Multan PKR 205,900 PKR 2,370
Bahawalpur PKR 205,900 PKR 2,370
Gujrat PKR 205,900 PKR 2,370
Nawabshah PKR 205,900 PKR 2,370
Chakwal PKR 205,900 PKR 2,370
Hyderabad PKR 205,900 PKR 2,370
Nowshehra PKR 205,900 PKR 2,370
Sargodha PKR 205,900 PKR 2,370
Faisalabad PKR 205,900 PKR 2,370
Mirpur PKR 205,900 PKR 2,370


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