Prime Minister Shehbaz Sharif has declared the federal government’s decision to terminate contracts with five Independent Power Producers (IPPs).
In an initial phase, following mutual agreement with the owners of these companies.
During a federal cabinet meeting in Islamabad, the Prime Minister stated that only the outstanding payments owed to the IPPs will be settled, and these will be made without accruing any interest. He emphasized that this decision will save power consumers approximately 60 billion rupees and benefit the national treasury by around 411 billion rupees.
Shehbaz Sharif credited this achievement to the dedicated efforts of his government team and acknowledged the support of allied parties, highlighting the role of Chief of Army Staff General Asim Munir, who took a personal interest in the matter.
The Prime Minister framed this development as a promising start toward achieving progress and prosperity for the people of Pakistan. He also noted the relief measures implemented by both the Federal and Punjab governments to assist power consumers during the summer months.
Expressing optimism about the economy, Shehbaz Sharif mentioned that remittances reached a record high of 8.8 billion dollars in the first quarter, signaling a positive trend.
He pointed out that inflation has now dropped to single digits, fulfilling a promise made in the Pakistan Muslim League-Nawaz (PML-N) election manifesto.