Economic Developments
- Pakistan has secured a $1 billion loan from two Middle Eastern banks with an interest rate between 6% and 7%. This short-term financing, lasting up to one year, was announced by Finance Minister Muhammad Aurangzeb during the World Economic Forum in Davos. The country is also preparing for the first formal review of the International Monetary Fund’s extended fund facilities scheduled for late February. Reuters
- The Reko Diq copper and gold project, partly owned by Barrick Gold, is projected to generate approximately $74 billion in free cash flow over the next 37 years. Production is expected to commence by the end of 2028, with the first phase costing $5.5 billion and producing 200,000 tons of copper annually until 2029. The second phase, estimated at $3.5 billion, aims to double this production.