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Panel to speed up payment of China IPP debt

  • author
  • 2022-09-11 00:13:15
  • News
Panel to speed up payment of China IPP debt

Description:

A powerful committee was established on Friday by Federal Minister for Finance and Revenue Miftah Ismail to frequently communicate with Chinese IPPs (independent power producers) about their issues regarding unpaid invoices.

The group is made up of representatives from the Finance & Power Divisions and executives from organisations connected to the China-Pakistan Economic Corridor (CPEC).

According to the statement, the finance minister presided over a meeting at the Finance Division when a decision to this effect was made.
The meeting was attended by the Federal Minister for Power, Khurram Dastgir Khan, Dr. Muhammad Jehanzeb Khan, Special Assistant to the Prime Minister on Government Effectiveness, Tariq Fatmi, Zafaruddin Mehmood, Secretary Power, CEOs of Chinese IPPs, and senior officers from the Finance and Power Divisions.

Due to the government"s continued inaction, Chinese power facilities constructed and run as part of CPEC are likely to miss their next debt repayment deadlines. As a result, their receivables have risen to Rs340 billion.

Eleven Chinese power businesses may be in financial trouble as a result of poor management by Pakistani officials.

To continue producing electricity, eight of these 11 IPPs are depending on the payment of their combined debt of Rs340 billion.
The meeting covered the topic of unpaid invoices to Chinese IPPs in Pakistan as well as other challenges they encounter.

Speaking to the group, the finance minister referred to the CPEC as the "flagship project of friendship between Pakistan and China" and underlined the intention of the current administration to offer Chinese investors every convenience possible.

He gave the Chinese IPPs" officials his word that he would do everything in his power to quickly allay their worries.
Chinese IPP CEOs acknowledged their pleasure with the government"s commitment to assisting them.

The finance minister also met at the Finance Division with a group from the Asia Infrastructure and Investment Bank led by Supee Teravaninthom, DG (Investment).

Senior Finance Division officers also took part in the conference.

The finance minister welcomed the AIIB delegation and informed them of the current budgetary and fiscal initiatives as well as the targeted income and development targets for expanding and maintaining the economic infrastructure.

Miftah also briefed the team on the damage brought on by recent floods and their effects on Pakistan"s economy.

The current government"s economic reforms and measures for the social elevation of the general populace were praised by the Teravaninthom of the AIIB.

She emphasised the part played by the AIIB in infrastructure development projects and investments and extended Pakistan the assistance and collaboration of the AIIB.

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