ECC has approved financial setoff mechanism for govt-owned IPPs: Hammad Azhar

The Financial Coordination Committee on Friday has authorized the monetary setoff mechanism for the government-owned Unbiased Energy Manufacturers (IPPs), mentioned Minister for Power Hammad Azhar.

Azhar, in a tweet put up on Friday, mentioned that the “ECC has nowadays authorized the monetary setoff mechanism for government-owned IPPs”.

“Which means that the receivables and payables between authorities entities were balanced towards every different. This may result in a discount of Rs 116 BN within the round debt inventory,” the tweet put up added.

Emerging round debt is among the greatest impediments in the best way of the rustic’s financial enlargement, say professionals. In 2020-21, the govt. added Rs498 billion to round debt because of decrease budgeted subsidies, and greater price of inefficiencies. The gathered round debt used to be Rs 2.732 trillion in 2020-21 as the govt. claimed that it added handiest Rs 177 billion in round debt.

Pakistan, Russia signal Heads of Phrases for $2.5bn PSGP undertaking

On Thursday, the Cupboard Committee on Power (CCoE) authorized a abstract on Exam, Validation of Means of IPPs Settlement submitted through the Energy Department.

The Energy Department submitted a abstract on Exam, Validation of Means of IPPs Settlement, and the committee, after detailed dialogue, authorized the proposal that the agreements with 2002 IPPs finalised through the Implementation Committee be reviewed within the mild of the Nationwide Responsibility Bureau (NAB) recommendation within the M/s Nishat Chunian Energy Ltd case.

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