ISLAMABAD: Prime Minister Imran Khan has revealed that Pakistan and Turkey have resolved the dispute involving Karkey — a Turkish ship-mounted power plant — saving the former from $1.2bn penalty imposed on it by the International Centre for Settlement of Investment Disputes (ICSID).
In a message on Twitter on Monday, PM Khan said the dispute was resolved with the help of Turkish President Recep Tayyip Erdogan.
“PTI government with the help of President Erdogan, has amicably resolved the Karkey dispute and saved Pakistan from $1.2 billion penalty imposed by the ICSID,” read the tweet.
In another such message, Mr Khan said: “I want to congratulate the government team for doing an excellent job in achieving this.”
It has been learnt that $1.2 billion was the total amount of penalty against Pakistan, but after the waiver Pakistan has to pay nothing in the case.
PTI’s leader Babar Awan had said last month that backdoor negotiations were under way and some international institutions have agreed to waive the penalty.
Published in Dawn, November 5th, 2019
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