ISLAMABAD (Dunya News) – Pakistan has suffered a major loss after the World Bank tribunal decided against the country in Reko Diq case. The foreign tours as well as heavy fee of lawyers have gone wasted.
The federal government expressed its stance on the matter and told the provincial authority in Balochistan that the country is unable to bear the heavy fine. The government of Balochistan ended its agreement with Tethyan Copper Company (TCC) at the Reko Diq project which has resulted in harsh consequences.
According to the World Bank’s International Centre for Settlement of Investment Disputes (ICSID), Pakistan violated several provisions of its bilateral investment treaty with Australia where TCC was incorporated in the agreement.
It is expected that the Balochistan government will pay the fine using its share from the NFC Award which will ultimately cause burden on the public.