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Sovereign guarantee: IPPs decide to suspend notices

Independent Power Producers (IPPS) have decided to suspend, albeit temporarily, the operation of the Sovereign Guarantee call notices that they had served to the government, as Ministry of Water and Power is engaged in discussions with them. By this action, IPPs hope to provide the government with enough time to take appropriate measures and thereby avoid going into a sovereign default, said a statement issued by the IPPs Advisory Council here Thursday.

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, the statement said. A few days ago, an advertisement was also published on behalf of Independent Power Producers (IPPs). Through that advertisement, it was indicated that ten IPPs had notified the Government of Pakistan that they were invoking Sovereign Guarantees due to "continued payment default by National Transmission and Distribution Company (NTDC)/WAPDA, on account of power purchased from IPPs".

However, IPPs have resolved to work with the Ministry of Water and Power in a constructive manner and to do all that they possibly can to provide maximum support to the national economy, and arrive at a just and sustainable solution to the issue of circular debt in the power sector.

Copyright Associated Press of Pakistan, 2014


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln