Why does a leading economist think Pakistan was 'mugged' by the World Bank?
Prominent economist Jeffrey D Sachs has added his voice to concerns that a World Bank-led arbitration process is helping multinational companies exploit developing countries while deciding commercial disputes. titled ‘How World Bank Arbitrators Mugged Pakistan’, he questioned the way in which the International Center for Settlement of Investment Disputes awarded multi-billion dollar compensation for a business that was still in its infancy.
It’s one of the largest ICSID awards and it drew criticism because the amount far exceeds what the Tethyan Copper Company had invested in the project. When it came to deciding the size of the compensation, the arbitrators relied on the testimony of a TCC expert named ProfessorDavis, who specialises in mineral economics, came up with a contested method to calculate what the mining companies ‘might’ have earned over the 50-year lifespan of the Reko Diq mine.
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