Abdul Razaq Dawood, advisor to Prime Minister (PM) for Commerce, Textile, Industry, Production and Investment gave credit to former prime minister (PM) Nawaz Sharif for ending power crisis in the country.
He said that the power plants that had been set up during PML-N’s previous tenure under the China-Pakistan Economic Corridor (CPEC) have reduced power shortage.
The adviser said that work on CPEC is going on in full swing adding that CPEC remains one of the top priorities of the Pakistan Tehreek-e-Insaf (PTI) government.
He said that the next phase of CPEC will focus on the development of industries and agriculture in the country.
“The IPPs which were set up under the 2002 Power Policy has now agreed to alter their existing contractual agreements and to ink new power purchase agreements,” says media reports.
Earlier on Friday, to bring down the cost of electricity production and reduce circular debt, Prime Minister (PM) Imran Khan has signed a new agreement with the independent power producers (IPPs). A memorandum of understanding (MoU) containing 13 points was signed between the two parties.
“I congratulate the nation because we are fixing the damaged structure we inherited in our power sector.”
The prime minister promised that he would soon introduce a package that will focus on improving the distribution system by tackling line losses and theft.
According to the MoU, the two parties have, in the larger national interest, voluntarily agreed to provide concessions.
It was agreed that all projects will convert their contracts to a take-and-pay basis and until then, the existing take-or-pay will continue.