Islamabad: China-Pakistan Economic Corridor (CPEC) Authority Chairman Lt Gen (r) Asim Saleem Bajwa recently lauded the stay order granted on the Reko Diq case by the World Bank tribunal — with the chairman calling it a “great relief for the country”, according to a news source published on September 18.
As per the sources, the CPEC authority chairman said in a tweet that Prime Minister Imran Khan had directed the authorities concerned to provide their full support to the Balochistan government for “accelerated development of the mineral sector in a transparent manner and structured system”. He added that developments in the mineral sector would boost foreign investment and human resources.
Reportedly, the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) granted a stay order in the Reko Diq case that prevented the enforcement of a massive penalty worth USD 6 billion issued against Pakistan. The said penalty had previously been imposed on the country for denying a mining lease to the Tethyan Copper Company (an Australian firm) — with Pakistan seeking to cancel the fine ever since.
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