PM Shehbaz Sharif announces termination of contracts with five IPPs

Prime Minister Shehbaz Sharif has announced the termination of contracts with five Independent Power Producers (IPPs).

Chairing the federal cabinet meeting in Islamabad today, he said the step was taken after the mutual consent of the owners of the IPPs.

The prime minister informed the Cabinet that only the outstanding amounts owed to these IPPs will be paid, without any interest.

He highlighted that termination of these contracts will save power consumers about sixty billion rupees and provide a benefit of around four hundred and eleven billion rupees to the national exchequer.

Shehbaz Sharif said it was the outcome of the strenuous collective efforts of the entire government’s team.

He also recognized the inputs and support of the allied parties in this regard. He especially mentioned Chief of Army Staff General Asim Munir, who took personal interest in the whole matter.

The Prime Minister described the development as a beginning of a journey which, he said, will be converted into progress and prosperity of the people.

Shehbaz Sharif also mentioned the relief provided by both the Federal and Punjab governments to the power consumers during the months of summer.