Prime Minister (PM) Shehbaz Sharif has announced that the federal government is terminating contracts with five Independent Power Producers (IPPs) in the first phase.
Chairing the federal cabinet meeting in Islamabad today, he said this has been done after the mutual consent of the owners of the IPPs.
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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 team. He also recognized the inputs and support of the allied parties in this regard. He especially mentioned that Chief of Army Staff General Asim Munir, who took personal interest in the whole matter.
