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Overdue payments: Ministry welcomes IPPs’ decision to suspend notices to Centre

Overdue payments: Ministry welcomes IPPs’ decision to suspend notices to Centre

KARACHI: As the Water and Power Ministry is in discussions with IPPs on the issue of overdue payments owed to the latter, the IPPs have decided to temporarily suspend the operation of the Sovereign Guarantee call notices served to the Centre.

The IPPs Advisory Council said that the decision was aimed to provide the government with time enough to take appropriate steps to avoid going into Sovereign Default. This positive engagement by the Ministry of Water and Power has been welcomed and appreciated, and the IPPs are determined to work constructively with the Ministry in order to uphold the national interest.

On behalf of IPPs, advertisements titled “Government on the verge of Sovereign Default” were published some days ago indicating that 10 IPPs had notified the govt that they were invoking Sovereign Guarantees due to continued payment default by NTDC/Wapda, on account of power purchase from IPPs.