Chinese IPPs to Get a Revolving Account for Regular Payments

The federal government has decided to re-submit a summary for opening a revolving account for the Chinese independent power producers (IPPs), reportedly to the Economic Coordination Committee (ECC), as per reliable sources. Over Rs. 300 billion worth of Chinese IPP receivables are piled up, but in defiance of prior commitments, the government is neither paying them nor opening revolving accounts. The Power Division has been instructed to resubmit the summary to the Economic Coordination Committee of the Cabinet right away by a high-level committee preparing the agenda for the Prime Minister’s upcoming trip to China. Moreover, the committee has decided that in order to assist and streamline the debt and insurance premium payments of China–Pakistan Economic Corridor (CPEC) IPPs, the Finance Division will raise the matter with the State Bank of Pakistan (SBP). According to sources, the Private Power and Infrastructure Board (PPIB) will appoint an officer and arrange for CIHC Pak Power Company to visit Thar to examine the possibility of moving the Gwadar coal project to Thar.