News
Saturday, August 11, 2012
Govt submits schedule for payment to IPPs in SC* Court told Rs 8bn will be paid by Aug 30, Rs 8bn by Sept 30
* Schedule for payment of remaining Rs 21bn is being prepared
Staff Report
ISLAMABAD: The Water and Power Ministry on Friday submitted a schedule in the Supreme Court regarding the clearance of circular debt in energy sector.
A three-member bench of the apex court, headed by Chief Justice of Pakistan Iftikhar Chaudhry, heard a petition moved by eight independent power producers (IPPs). The IPPs contended that the government had not paid them Rs 61.4 billion during the last couple of months.
The ministry informed the court that the IPPs had also given a green signal to the schedule.
Counsel for Water and Power Ministry Khawaja Tariq Rahim submitted the schedule regarding the clearance of circular debt. He informed the bench that on the directions of the court the government had decided to pay Rs 45 billion to the power producers. He also said Rs 8 billion have been paid in July, while Rs 8 billion would be paid until August 30 and another Rs 8 billion on September 30.
Courtesy www.dailytimes.com.pk