SCCI demands cancellation of IPPs contracts

22 Jul, 2024

PESHAWAR: Business community demanded to terminate all contracts with IPPs and procure electricity from cheaper sources to alleviate economic strain.

The demand was made through a unanimous resolution that was presented during the executive meeting chaired by SCCI’ president Fuad Ishaq held here at chamber house. Office bearers of the chamber, businessman forum and traders leaders were attendance in a large number on the occasion. The participants of the meeting tied black-ribbon on arms and held black flags in protest against the IPPs agreements. The SCCI chief presented a resolution which was unanimously endorsed by the house.

During the meeting, banners were carried by participants with various slogans, demanding cancellation of IPP agreements, making Pakistan’s future safe, ending hour-long loadshedding, and elimination of illegal and unjust taxes.

Fuad Ishaq while talking to this scribe called IPPs agreements as cancer for the country and national economy. He demanded an audit of IPPs and canceled them immediately.

The SCCI chief asked to carry out a comprehensive investigation into IPPs, over invoicing and misdeclaration of capacity. He went on to say that Pakistan has been defrauded and to make accountable all concerned and recover the overpayments.

Replying to a question, the chamber president said that SCCI advocates for the adoption of a ‘take and pay’ model, where payments are made only for the electricity that is actually supplied and consumed.

Fuad Ishaq demanded of the government to utilize the abundant hydel energy resources of the country in order to produce cheap and green energy to all consumers. He said the chamber supports investment in renewable energy sources and improvements in the national grid to reduce reliance on IPPs and enhance the overall efficiency and sustainability of the power sector.

Meanwhile, FPCCI regional vice president Aun Ali Syed in a statement termed the IPPs agreements destruction of industry and trade as well as the national economy. He said the economic situation was already uncertain while rising inflation also made the lives of people and the business community miserable. In the prevailing scenario, he said renewing IPPs contracts on previous conditions will prove further detrimental and the nation will bear the brunt of these agreements. Business community had already shown serious concerns over IPPs agreements and rejected and asked the federal government to show some mercy because the industries which are running currently will also halt, Aun Ali said.

He also expressed serious concerns over the government’s additional taxation measures and rising price-hike, fragile business and industrial growth. He demanded the government to frame economic policies in consultation with the business community.

Copyright Business Recorder, 2024

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