ISLAMABAD : Chairman China-Pakistan Economic Corridor (CPEC) Authority Lieutenant general retired Asim Saleem Bajwa has termed the stay order by World Bank tribunal on $6bn award against Pakistan, a ‘great relief’.
In his tweet, terming the WB decision a big relief for Pakistan, he said that Prime Minister Imran Khan fully support the government of Balochistan to develop the mining sector.
The reforms in the sector will increase foreign investment and human resources, he added.
Yesterday, Pakistan was awarded a stay in Reko Diq case from World Bank tribunal.
Attorney General Pakistan (AGP) office had termed the development a ‘success’ for Pakistan and its legal team for earning a stay on the hefty fine that comes about two percent of the country’s yearly GDP.
The global arbiter International Centre for Settlement of Investment Disputes (ICSID) had in July last year, decided in favour of the Australian company in a case wherein Pakistan was made liable to pay off $6 billion in compensation.
However Pakistan, upon enforcement proceedings by Tethyan Copper Co. Pty Ltd on the litigation, filed a petition for a stay and initiated annulment. ICSID granted Pakistan a provisional stay earlier in April upon initiating proceedings for the annulment of the verdict.