Islamabad: Progress has made in the government mission to give up the most expensive electricity from International Power Producers (IPPs) through negotiations.
The government has stopped payment to 18 IPPs in the first phase.
Negotiations have started between the government task force and IPPs to review agreements of the IPPs.
Under the current agreement the government has bound to pay to the IPPs.
On October 10, Prime Minister Shahbaz Sharif had announced to give up agreements with five International Power Producers (IPPs) in the first phase.
Ending the agreement with the IPPs, it will give benefit of Rs 60 billion yearly to electricity consumers while it will also allowing reducing the electricity prices per unit.
The scrapping of the agreements will also give the country exchequer overall saving of Rs 411 billion.
Addressing the special cabinet meeting today, PM Shahbaz Sharif said that our economy is heading towards stability gradually.
The PM foreign reserves record increased manifold adding that overseas Pakistanis are precious assets of the country.
He said that the country’s economy has taken course of betterment.
