Karachi: The President of the Korangi Association of Trade and Industry (KATI), Junaid Naqi, has
welcomed the federal government's decision to terminate agreements with five inactive Independent
Power Producers (IPPs). He stated that reviewing all IPP agreements is crucial for achieving economic
stability in the country.
Junaid Naqi highlighted that KATI, under the leadership of Patron-in-Chief S.M. Tanveer, was the first to
raise concerns about these IPPs, which were becoming a burden on the national treasury. He expressed
satisfaction with the success of KATI’s campaign and said it strengthened their resolve to continue
serving the business community.
Naqi further pointed out that the inactive IPPs were collecting billions of rupees annually despite not
producing or supplying electricity, calling it an outright injustice. He also mentioned that agreements
with 107 other Independent Power Producers are currently under review, with hopes for transparent
and fair decisions.
While praising the efforts of former caretaker Commerce Minister Gohar Ejaz, head of the IPP Task
Force Muhammad Ali, and senior officials in the establishment, Naqi said their hard work has paved the
way for reforms. He emphasized that going forward, payments will only be made for electricity that is
actually produced and supplied to consumers, which will reduce the financial burden on the country.
The KATI president also remarked that the successful renegotiation of IPP contracts is a significant step
towards addressing the challenges in Pakistan's energy sector and ensuring a more sustainable future
for the nation.
ADVERTISEMENT
