The World Bank’s International Centre for Settlement of Investment Disputes (ICSID) has granted stay on the enforcement of penalty imposed on Pakistan in the Reko Diq mining lease dispute.
In a statement in Islamabad, the office of Attorney General for Pakistan described the development as a success for the country and its legal team.
In July last year, an international arbitration tribunal of the ICSID had slapped nearly six billion dollars penalty on Pakistan for denying a mining lease to an Australian company.
Chairman China-Pakistan Economic Corridor Authority (retd) Lieutenant General Asim Saleem Bajwa said the Reko Diq stay order by the World Bank tribunal on six billion US dollars award against Pakistan was a great relief.
In a tweet on Friday, he said, “Prime Minister Imran Khan has directed to fully support the government of Balochistan for accelerated development of mineral sector in a transparent manner and structured system.”