NAB clearance delaying agreed payments to IPPs: sources  

NAB, IPPs payments, government

ISLAMABAD: The federal government has rejected an impression of default with IPPs over agreed payments to them as sources claimed that the delay was made after the National Accountability Bureau (NAB) is taking its time to give a nod to it, ARY NEWS reported.  

According to sources within the government, the hue and cry raised by some of the independent power producers (IPPs) were aimed at pressuring the government and create an impression of default.

The officials who wished not to be named said that the payment would be cleared as soon as the NAB authorities would give clearance on the payment summary.

The IPPs that would be receiving payments are owned by Razak Dawood, Nadeem Babar, Mian Mansha, Saif group and others. These IPPs have earned billions from the country during the past two decades.

The government said that it has not declined payments to the IPPs, however, it awaits clearance from NAB in this regard in order to implement upon procedures to avoid any legal hitches in the future.

On February 18, the NAB announced that it was not investigating renewed IPP agreements by the incumbent government.

The announcement from the accountability watchdog came after a government team involved in the IPP agreements met with Chairman NAB Justice (retd) Javed Iqbal.

Read More: ECC approves agreements with 46 IPPs, supplementary grant to FBR

A NAB handout detailing the entire meeting said that the government team apprised the chairman regarding the renewed agreements with 47 independent power producers (IPPs). The team apprised that the agreements will help in return of Rs55 billion of an additional amount from the IPPs.

“The idea for negotiations with the IPPs was floated by the NAB,” said the handout adding that they had pointed out the weaknesses in the agreements finalized by the previous government.

The chairman lauded the role of the government team and said that the upgradation of agreements with the power producers would also help in saving Rs836 billion from the national exchequer.

The post NAB clearance delaying agreed payments to IPPs: sources   appeared first on ARY NEWS.



from Business – ARY NEWS https://ift.tt/39oTXj7

Comments

Post a Comment

Popular posts from this blog

74% of improvement works completed in three stations of Dubai Metro Red Line

Image
The Roads and Transport Authority (RTA) has completed 74% of a project to improve the entry points of three stations on the Dubai Metro Red Line namely the Dubai Internet City Station, Dubai Marina Station and the UAE Exchange Station. The selection of these stations was based on several criteria including the ridership, the number of users from People of Determination, the population density of the area, the geographical distribution of the surrounding areas, and the number of intermodal mobility journeys. The project aims to increase the capacity of stations to improve customers experience and improve the entry/exit points of stations to cater to the requirements of supply and demand in the area. The project will also contribute to transforming Dubai into a friendly city for people of determination and enhancing the connectivity with the metro stations. These improvements, which are funded by partners, will augment RTA’s revenues by creating additional space for commercial use. T
Read more

KE issues clarification on power tariff hike request

KARACHI: Karachi-Electric (KE) has clarified that it has requested the NEPRA for a tariff hike, which will have Rs0.49/kWh average impact of Fuel Cost Adjustment (FCA) of 6 months.  The KE spokesperson further clarifies, “the request made to NEPRA is in line with the mechanism given in KE’s Multi-Year Tariff whereby changes in fuel prices, generation and power purchase mix are passed through to customers along with certain annual adjustments.” “The major impact in monthly Fuel Cost Adjustment is due to increase in global prices of furnace oil, and RLNG. In line with KE’s request, NEPRA has scheduled a public hearing to allow Monthly Fuel Cost Adjustments (FCA) for the months of January 2021 to June 2021, and Quarterly power tariff variation for March 2021. Subject to the NEPRA Authority’s approval, the actual overall average impact of requests will be only PKR 0.49/kWh,” the spokesperson further added. The KE Spokesperson further adds, “similarly, the quarterly tariff variations inc
Read more

Govt committed to build strategic reserves of essential commodities: Tarin

ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin has presided over the meeting of the National Price Monitoring Committee (NPMC) held at the Finance Division, ARY News reported on Monday. Secretary Finance briefed the meeting about the slight uptick in weekly SPI, which increased by 0.03 per cent during the week under review. Prices of 06 items witnessed a decline and 22 remained stable. The committee also reviewed the monthly inflation trend and noted that the CPI, which is 8.4% for July 2021 has declined by 1.3% as compared to the last month i.e. 9.7% in June 2021. The National Price Monitoring Committee also reviewed the prices of wheat, sugar, pulses, chicken and other essential food items in the country. The Secretary Ministry of National Food Security and Research updated the committee about the wheat procurement process and apprised that an order for the purchase of 220,000 tons of wheat has already been placed. While taking stock of the situation, the NPMC
Read more