Supreme Court suggests government form CPEC-like body for Reko Diq.
The Supreme Court’s five-member bigger bench, which also included Justices Ijazul Ahsen, Muneeb Akhtar, Yahya Afridi, and Jamal Khan Mandokhel, heard the Presidential Reference involving the new Reko Diq Project. Chief Justice Umer Ata Bandial presided over the bench.
Additional Attorney-General Aamir Rehman said that the new Reko Diq, which will end foreign investors’ reluctance to invest in Pakistan and stimulate investment there, was Pakistan’s largest investment.
CJ Concerned About New Statue and Reko Deq Deadline
Chief Justice Umer Ata Bandial questioned the law officer, saying, “But still you have not been able to persuade us why the government is establishing a new statute for a certain corporation.”
“We are continuously under fear that Pakistan may be obliged to pay $10 billion in debt if the Reko Diq Project is not finished by Dec. 15,” the chief justice stated. The law enforcement official retorted that although the court appeared unconcerned, the nation would bear the brunt of the punishment if a $10 billion fine was not paid.
He said that this massive enterprise has the Balochistan government as an equal shareholder. The top judge argued that the Balochistan government lacked jurisdiction and tasked the law officer with selecting a supervisor for this massive undertaking.
Chief Justice Remaked on Reco Diq
The chief justice remarked, “Make an authority on the pattern of CPEC that could examine the complete Reko Diq project as we don’t want to lose this project again,” adding that the nation still owed $4.5 billion and that you could modify the rules to make the project easier but not your standards.
In addition to establishing a body like CPEC that could oversee and evaluate the project’s overall performance, the top justice encouraged the federal government to develop a workable strategy.
Attract Foreign Investors
The top justice said, “Once a unified policy is created, it would be straight forward for the court to make its judgement.” He said that the unified policy will also ensure transparency and attract foreign investors.
The chief justice requested that the law officer make sure that Reko Diq’s neighbouring population’s rights would not be violated. The court postponed the hearing to November 14 in the interim.
