Turkey’s Erdogan helps Pakistan save 1.2 billion US dollars
ISLAMABAD: President Turkey Recep Tayyip Erdoğan has helped Pakistan in saving 1.2 billion US dollars.
Prime Minister Imran Khan, in a tweet, said the Pakistan Tehreek-e-Insaf (PTI) government, with the help of President Erdogan, has amicably resolved the Karkey dispute and saved $ 1.2 billion penalty imposed by International Centre for Settlement of Investment Disputes (a World Bank Group).
“I want to congratulate the government’s negotiating team for doing an excellent job in achieving this,” he said.
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Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh also confirmed that the government of Pakistan had resolved Karkey dispute and saved 1.2 billion dollars penalty imposed by the International Centre for Settlement of Investment Disputes (ICSID), an international arbitration institution for legal dispute resolution and conciliation between international investors.
In a tweet, he said under the leadership of Prime Minister Imran Khan the positive achievement was made. He said this amount could now be spent on the development and better facilities for the public.
Counting a number of achievements made by the ruling government, Minister for Economic Affairs Hammad Azhar said the PTI government sharply reduced inherited deficits, stabilised depleting forex reserves, made record debt repayment, resolved Karkey dispute, doubled poverty alleviation, reduced circular debt flow to 1/3, gained 28 points in Ease of Doing Business index and increased tax filing by 25%.
“Primary Budget Surplus recorded in first quarter of FY19-20, Foreign Portfolio investment turned Positive after three years, Asian Development Banks restores Budgetary Support Program after two years, export volumes record strong growth and stock market on a strong rally of 5000 points,” he maintained.
