KARACHI: Sheikh Khalil Qaiser, Chairman of the Pakistan Yarn Merchants Association (PYMA), along with Senior Vice Chairman Sohail Nisar, Vice Chairman Jaweed Khanani, and members of the Executive Committee, have urged the government to reconsider contracts with Independent Power Producers (IPPs) in the interest of the economy.

They called for the cancellation of these contracts, expressing concern that high electricity and gas rates could devastate the textile industry and severely impact exports.

PYMA officials emphasized that the textile sector is already grappling with unsustainable costs due to elevated energy tariffs. They warned that additional capacity charges imposed by IPPs could force many industries to cease operations.

“The government claims to prioritize economic stability and national development, yet such policies jeopardize industrial operations,” PYMA officials stated in their appeal to the government.

Criticizing government payments to IPPs, they highlighted instances where IPPs have received substantial payments despite minimal electricity generation, questioning the transparency of governance.

Copyright Business Recorder, 2024