Balochistan National Party-Mengal (BNP-M) chairman Akhtar Mengal has hinted that he may split his party from the current Muslim League-N-led government at the Centre, JEE News reported on Tuesday.
Mangal raised concerns about the Foreign Investment (Promotion and Protection) Act, 2022 to promote and protect foreign investment in connection with the Reko Diq project. expressed.
Mangal, whose party is one of the allies in the coalition government, said that if concerns about the bill were not addressed, a secession was likely.
The BNP-M leader said that the coalition government takes investors into confidence instead of allies. He further said that companies are given more importance than parliament, we have to think about the basis of our alliance.
Mengel expressed his displeasure saying that the CEO of a company is respected more than his allies. He added that his province was “looted” by all. “Resources change people’s lives, but it is unfortunate for Balochistan that the way the resources were discovered there, they became a disaster for the people,” he added.
During the program, Senator Kamran Murtaza, another ally of the government, Jamaat-e-Islami (JUI-F), said that the foreign investment bill has been passed by force and deceit, which is a threat to Pakistan.
The Senate approved the Foreign Investment Bill.
The Upper House of Parliament on December 12 passed the Foreign Investment (Promotion and Protection) Bill, 2022 amid protests from opposition benches.
In light of the approval, the government of Pakistan will sign the agreement on December 15.
President Arif Alvi also signed the Foreign Investment Promotion and Protection Bill 2022 into an Act on Tuesday. The law, which has already been approved by both houses of Parliament on Monday, aims to protect foreign investment in the country.
The statement issued by the Prime Minister House said that the Ministry of Petroleum and other relevant ministries have been directed to sign the Recode Agreement on December 15.
The Cabinet decided that the Federal Cabinet under the Rules of Business 1973 asked the Secretary/Additional Secretary Petroleum to sign the agreement on behalf of the Government of Pakistan. The statement said that the Cabinet was informed that a Presidential Reference under Article 186 had been filed seeking legal opinion and that the Supreme Court had on December 9, 2022 declared that the restructuring process of Reko Diq Project Funding Plan. It was transparent. The Supreme Court also observed that the agreements being signed in this regard are also in accordance with the law.
The Cabinet was also informed that it has been decided with the coalition that legislation in Parliament is limited to the Recode deal. The meeting also approved the regulatory framework of Reko Diq Project Company.
A five-member committee was also formed in the meeting which will meet the leaders of the coalition parties and address their concerns. It was also decided that some amendments will be made in consultation with the stakeholders.
The five-member committee includes Prime Minister Law Nazir Tarar, Finance Minister Senator Ishaq Dar, Commerce Minister Syed Naveed Qamar and Economic Affairs Minister Sardar Ayaz Sadiq.
If the agreement is not signed by December 15, Pakistan will have to pay $4 million per day as interest on the $5.9 billion fine imposed by the International Center for Settlement of Investment Disputes on July 12, 2019.
