Karkey dispute amount can be spent on development: adviser

ISLAMABAD: Adviser to Prime Minister on Finance, Revenue and Economic Affairs Abdul Hafeez Shaikh has said that the government, under the leadership of Prime Minister Imran Khan, has resolved Karkey dispute and saved $1.2 billion to the economy

In a brief statement on the social networking website Twitter, the finance adviser said that amount will be spent on various development projects and provision of better facilities to the masses. He hailed it a positive develiopmenent and good news for the country.

“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,” said the statement.

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

Prime Minister Imran Khan on Monday announced that his government, with the help of Turkish President Erdogan, has “amicably resolved” the Karkey dispute.

The prime minister congratulated the government’s negotiating team for doing an excellent job in achieving this, saving the country from having to pay the $1.2 billion penalty imposed by the International Centre for Settlement of Investment Disputes (ICSID).

READ MORE: Pakistan has ‘amicably resolved’ Karkey dispute: PM

“PTI govt, with the help of President Erdogan, has amicably resolved the Karkey dispute and saved Pak USD 1.2 billion penalties imposed by ICSID,” said a statement from the prime minister.

Last month, the PTI leader and senior lawyer Babar Awan had said that the $1.2 billion sum was likely to be waived off due to backdoor negotiations between the two countries.

He said that international institutions, through high-level backdoor contacts, have agreed to waive off the penalty. He added that this was very good news for Pakistan that they have shown trust in Prime Minister Imran Khan.