ISLAMABAD: Federal Minister for Finance and Revenue, Miftah Ismail has assured the Chinese independent power producers (IPPs) of addressing and resolving their concerns immediately and promised to start making payments on IPPs’ outstanding dues from next week.
The finance minister presided over a meeting on the issue of payments to Chinese IPPs, at the Finance Division on Friday.
The meeting covered the topic of unpaid invoices to Chinese IPPs in Pakistan as well as other challenges they encounter.
The finance minister stated that the CPEC is a centerpiece of Pakistan and China’s friendship and expressed the determination of the current administration to offer Chinese investors every convenience possible.
Chinese IPPs are owed over Rs260 billion by Pakistan’s Central Electricity Purchasing Agency (CPPA) for power purchases. The payables have increased once more after falling from approximately Rs300 billion to about Rs220 billion towards the end of the previous fiscal year.
In order to address and allay the worries of the Chinese IPPs, the finance minister also formed a committee made up of representatives from the Finance and Power Divisions as well as the CPEC.
Chinese IPP CEOs expressed satisfaction over addressing and resolving their issues. Federal Minister for Power Khurram Dastgir Khan, Special Assistant to the Prime Minister on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Tariq Fatemi SAPM, Zafaruddin Mehmood SAPM, Secretary Power, CEOs of Chinese IPPs, and senior officers from the Finance and Power Divisions all attended the meeting.
