ISLAMABAD – $6.7 billion setback for economy, Pakistan government takesimportant decision to challenge the verdict in the International Centre forSettlement of Investment Disputes.
Balochistan Chief Minister Jam Kamal Khan on Tuesday said the provincialgovernment was planning to move the International Centre for Settlement ofInvestment Disputes (ICSID) for the annulment of Reko Diq agreement.
The previous governments did not take the matter seriously as they did notmake any strategic planning to cover up the loss incurred due to improperclauses in the agreement, he said while talking to a private news channel.
Jam Kamal said a fact finding commission would be formed to investigate andfix responsibility on those who had signed the Reko Diq accord keeping inview their own vested interests and thus causing a huge loss to the publicexchequer.
The incumbent Balochistan government had been working to devise a propermechanism for settling technical, fiscal and lease matters of Reko Diq, headded.
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The chief minister said today “a window of hope” had opened as it had beenproved internationally that the area possessed huge mineral reserves.
The exploration under the Reko Diq agreement was carried out in only fiveper cent area while the untapped potential reserves of natural resources inrest of the area was yet to be explored, he added.
Replying to a query, he said with the improvement of law and order in theprovince, another exploration company was working for the exploration ofoil and gas reserves in the Kuhlo district, which would take around sixmonths to yield results.
