Connect with us

Politics

Akhtar Mengal warns of parting ways with coalition govt over Foreign Investment Act

Published

on

  • Possibility of separation if concerns regarding bill not addressed: Mengal.
  • He says govt takes investors into confidence rather than parliament.
  • JUI-F’s senator says has been passed forcefully and with deceit.

Balochistan National Party-Mengal (BNP-M) Chairman Akhtar Mengal has signalled that he may separate his party from the incumbent PML-N-led government at the centre, Geo News reported Tuesday.

Speaking during a Geo News programme “Capital Talk”, Mengal showed reservations about the Foreign Investment (Promotion and Protection) Act, 2022 to promote and protect foreign investment in relation to the Reko Diq project.

Mengal, whose party is one of the allies of the coalition government, said that there is a possibility of separation if concerns regarding the bill are not addressed.

The BNP-M leader said that the coalition government, instead of taking allies into confidence, takes investors into confidence. “More importance is given to the companies instead of the parliament. We will have to think about the basis of our unity,” he added.

Expressing his displeasure, Mengal said that a CEO of a company is respected more than the allies. He added that his province was “looted” by everyone. “The resources change people’s lives, but it is Balochistan’s misfortune that the way the resources were discovered there, they became a disaster for the people,” he added.

During the programme, another ally of the government Jamaat-e-Islami-Fazl’s (JUI-F) Senator Kamran Murtaza said that the Foreign Investment Bill has been passed forcefully and with deceit which is a threat to Pakistan. 

Senate okays Foreign Investment Bill

The upper house of parliament on December 12 approved the Foreign Investment (Promotion and Protection) Bill, 2022 in the midst of protests by opposition benches.

In light of the approval, the Pakistan government would sign the deal on December 15.  

President Arif Alvi also signed the Foreign Investment Promotion and Protection Bill 2022 on Tuesday turning it into an act. The law, which was already passed by two houses of parliament on Monday, is aimed at giving protection to foreign investments in the country. 

The statement from the Prime Minister’s House said the Ministry of Petroleum and other concerned ministries were also directed to go ahead with signing the Reko Diq deal on December 15. 

“The federal cabinet asked secretary/additional secretary petroleum under Rules of Business 1973 to sign the deal on behalf of the Pakistan government,” the cabinet decided. The statement said that the cabinet was apprised that a Presidential Reference under Article 186 was filed to secure legal opinion and the Supreme Court on December 9, 2022 declared that process of reorganisation of the Reko Diq project funding plan was transparent. The apex court also observed that the agreements which are being signed in this connection are also as per law.

The cabinet was also informed that it was decided with the coalition that legislation made in parliament was confined only to the Reko Diq deal. The meeting also okayed the regulatory framework for the Reko Diq Project Company.

The meeting also constituted a five-member committee, which would meet leaders of the coalition parties to remove their reservations. It was also decided certain amendments would also be made in consultation with stakeholders.

The five-member committee comprises Law Minister Azam Nazeer Tarar, Finance Minister Senator Ishaq Dar, Minister for Trade Syed Naveed Qamar and Minister for Economic Affairs Sardar Ayaz Sadiq.

In case the agreement is not signed by December 15, Pakistan would have to pay four million dollars per day as interest on the 5.9 billion dollars penalty imposed by the International Center for Settlement of Investment Disputes on July 12, 2019.

Latest News

Judge Muhammad Ali Warraich postpones the £190 million corruption lawsuit until June 21.

Published

on

By

The £190 million corruption case at Adiala Jail was heard by Judge Muhammad Ali Waraich of the Accountability Court. The hearing was postponed until June 21.

The cross-examination and statement of one witness took place during the case hearing. At the next hearing, four more witnesses will be put through cross-examination.

Up to now, 30 witness statements have been recorded, of which 22 have already undergone cross-examination.

Bushra Bibi, the founder of the PTI, was in court today throughout the proceedings.

The PTI’s legal representatives in the lawsuit included Shoaib Shaheen, Niazullah Niazi, Salman Akram Raja, and Ali Zafar.

Continue Reading

Latest News

Nationwide protest gatherings will be held by the PTI on June 14.

Published

on

By

Zahir Shah, the minister of food for Khyber Pakhtunkhwa, has said that Pakistan Tehreek e Insaf (PTI) will stage protests across the country to demand the release of PTI founder Imran Khan.

On June 14, protests around the country would take place, according to Zahir Shah Toru.

He added that Khyber Pakhtunkhwa’s chief minister had made plans for protests in every district.

In the protests, fictitious accusations made against PTI founder Imran Khan and its leadership will be denounced.

There would be no breaking of the law or the constitution, according to KP Minister Zahir Shah.

At 5:00 p.m., the Mardan demonstration will take place.

Continue Reading

Latest News

Shah Mehmood, founder of the PTI, and others found not guilty in Azadi March case

Published

on

By

Information suggests that court magistrate Malik Muhammad Imran exonerated Imran Khan, Shah Mehmood Qureshi, and Sheikh Rasheed, the chief of AML, in addition to announcing the reserved verdict.

Acquittal of Sadaqat Abbasi and Ali Nawaz Awan from the Azadi March case was also ordered by the court.

It should be mentioned that numerous prominent members of the Pakistan Tehreek-e-Insaf (PTI), like as Shah Mahmood Qureshi, former prime minister Imran Khan, and others, were apprehended by the police in separate complaint letters pertaining to the Azadi March.

Following unrest between police and the PTI leader in the provincial capital, 42 charges were filed against PTI senior leaders and workers for agitation.

The Islamabad High Court (IHC) had previously found former prime minister Imran Khan and PTI leader Shah Mehmood Qureshi not guilty in a case involving ciphers.

Decisions on appeals from the cipher case’s conviction were announced by Chief Justice Aamir Farooq and Justice Miangul Hassan Aurangzeb of the IHC.

The party’s vice-chairman and founder, who was convicted in a similar case in January of this year, received 10-year prison sentences apiece.

On the other hand, Qureshi’s arrest in the crimes that occurred on May 9th and Imran’s sentences in the Toshakhana and Iddat cases mean that they are unlikely to be released from prison anytime soon.

Continue Reading

Trending