New Faces, New Strategies: Pakistan's Move Towards Economic Recovery

Pakistan appoints Ali Pervaiz Malik as petroleum minister and Muhammad Ali as privatisation adviser to bolster economic recovery. Key tasks include the Reko Diq project and privatisation of the PIA under the $7 billion IMF programme. Bilal Azhar Kayani assumes the role of Railways Minister.

In a decisive cabinet reshuffle, Pakistan's Prime Minister has appointed new leaders for the pivotal petroleum and privatisation sectors, both seen as critical to reversing the country's economic downturn. Ali Pervaiz Malik, previously a junior finance minister, takes on the mantle of petroleum minister.

Malik's primary responsibility will be driving forward a significant transaction involving the Reko Diq copper and gold project. Discussions are underway with railway authorities to enhance Port Qasim's coal terminal for copper transport, as disclosed by Barrick Gold CEO Mark Bristow in January.

In the privatisation arena, Muhammad Ali, formerly a power sector assistant to the prime minister, has been named as an adviser. His appointment follows an unsuccessful bid to sell a 60% stake in the struggling airline PIA. Privatisation is deemed essential to generating funds and restructuring under IMF's $7 billion bailout programme.

(With inputs from agencies.)