By MASOOD AHMED SIDDIQUI4
Karachi – United Business Group (UBG) Canada and USA Chairman Naveed Bukhari expressed deep concern over the devastating effects of expensive electricity on Pakistan’s economy and questioned the ruling class on the fairness of bankrupting the national treasury by favoring 40 IPPs. Naveed Bukhari stated that 25% of IPPs in the country are non-operational, yet monthly payments of 10 billion rupees are being made to these inactive IPPs. The tax paid by the business community is being handed over to the IPPs mafia, causing severe difficulties for the national economy. He emphasized that canceling the agreements with IPPs is extremely necessary given the current delicate situation. Naveed Bukhari also highlighted that agreements with rental power plants were made in haste without considering national interest, and billions of rupees were given in advance to the owners of these rental power plants. He urged the government to review the agreements with IPPs and conduct an international audit of the power companies.
