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Turkey’s Erdogan helps Pakistan save 1.2 billion US dollars

Web Desk by Web Desk
November 5, 2019
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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.

I want to congratulate the government's negotiating team for doing an excellent job in achieving this. https://t.co/B03qgr1gDv

— Imran Khan (@ImranKhanPTI) November 4, 2019

Also Read: Pakistan unveils payment systems strategy to shift to cashless economy

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.

A positive development for the country. Under the leadership of Prime Minister @ImranKhanPTI, Govt of Pakistan has resolved Karkey dispute saving $1.2 billion to the economy. This amount can now be spent on the development and better facilities for the public.

— Dr. Abdul Hafeez Shaikh (@a_hafeezshaikh) November 4, 2019

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.

Primary Budget Surplus recorded in first quarter of FY19-20, Foreign Portfolio investment turned Positive after 3 years, ADB restores Budgetary Support Program after 2 years, Export Volumes record strong growth, Stock Market on a strong rally of 5000 points.

— Hammad Azhar (@Hammad_Azhar) November 4, 2019
Tags: 1.2 billionImran KhanKarkey disputePakistanTurkey’s ErdoganUS dollars
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