ISLAMABAD: Pakistan's Prime Minister Shehbaz Sharif appointed new heads for the key petroleum and privatization portfolios on Friday, both departments seen as central to the country's recovery from an economic crisis.
Former junior finance minister Ali Pervaiz Malik was appointed as petroleum minister in a broader cabinet reshuffle.
His key task will be spearheading a major transaction in the Reko Diq copper and gold project.
Barrick Gold, which owns 50% of the project, is also in talks with railway authorities to revamp Port Qasim's coal terminal for copper transport, CEO Mark Bristow told Pakistan's Dawn News in January.
Muhammad Ali, formerly the special assistant to the prime minister on the power sector, has taken over as adviser for privatization. This follows Pakistan's failed attempt at offloading a 60% stake in debt-ridden airline PIA, which only received a single offer, well below the asking price.
Privatizing PIA and other state-owned enterprises is crucial for raising funds and reforming these entities under the ongoing $7 billion International Monetary Fund bailout program, set up to address an economic crisis stoked by surging inflation and a trade deficit caused by ballooning energy imports.
Bilal Azhar Kayani will take over as Pakistan's Minister for Railways.
The ministry is in talks with China to upgrade and reconstruct Pakistan's railway network, and develop the Gwadar port, under China's $65 billion investment in Pakistan, part of Beijing's Belt and Road Initiative.

ISLAMABAD: Prime Minister Shehbaz Sharif announced on Friday he would hold sector-wise meetings with local business leaders from next week, as he assured them the government would address their concerns while asking them to increase investment in the economy.
Pakistan has undertaken stringent economic reforms following a prolonged financial crisis that forced it to seek loans from the International Monetary Fund (IMF). Since then, macroeconomic indicators have improved significantly, though the government acknowledges the need for further consolidation through policies aimed at boosting exports and attracting investment.
Sharif met with local business leaders in the same context, saying his administration would seek input from the private sector and work to resolve economic concerns to strengthen the country’s financial outlook.
“Next Thursday, we will have the first sector-wise meeting in my office,” he said during his interaction with the top business leaders.
“I want decisions,” he added. “This meeting will be held twice a week. The sector will be led by four people. From our side, there will be the concerned ministry and secretaries. We will sit and take decisions. There will be no chit chat.”
Sharif said the first meeting would focus on the agriculture sector and directed relevant officials to engage with top businesses across various industries to prepare for future discussions.
Earlier, he noted that Pakistan’s economy was gradually improving while emphasizing his administration now planned to focus on employment, production, exports, industry and commerce, where private sector support was crucial.
“We are just going to act as a catalyst to support your efforts [and figure out] how to further ease your business conditions and create an environment,” he said.
Sharif urged Pakistani industrialists to invest locally and encourage foreign investors to do the same.
“Share the success stories,” he continued, adding that he had always believed domestic investment was key before attracting foreign entrepreneurs.
“Together we will turn it into a partnership to keep the economy going,” he added.