Fund okayed for Reko Diq dispute settlement

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.