ISLAMABAD: Managing Director, Private Power & Infrastructure Board (PPIB) Shah Jahan Mirza is reportedly facing the ire of Prime Minister Shehbaz Sharif due to his ignorance about commitment of Rs 100 billion made with the Chinese power sector projects established under China Pakistan Economic Corridor (CPEC), well informed sources in Prime Minister Office told Business Recorder.
The unpleasant situation, sources said, was witnessed at a preparatory meeting on Chinese companies held on May 28, 2022 at the Prime Minister Office.
“In the meeting, Prime Minister noted with concern that Managing Director PPIB was unaware of the commitment given by the Government of Pakistan for payment of Rs 100 billion to Chinese power producers in Pakistan,” the sources said, adding that Secretary Power Division has been directed to probe into the matter and convey the reason why the concerned officer was unaware of this critical issue.
According to sources, Secretary Power has also been directed to submit report in the matter within 24 hours for perusal of the Prime Minister.
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Official documents disclose that the Economic Coordination Committee (ECC) of the Cabinet headed by then Finance Minister Shaukat Tarin in January this year had approved Rs 100 billion for payment to IPPs, especially CPEC projects, of which Rs 50 billion were released against pending subsidy claims of previous fiscal year and an equal amount would have to be issued as additional supplementary grant in fourth quarter of current fiscal year.
The ECC, in its meeting held on May 28, 2022 presided over by Finance Minister Dr. Miftah Ismail approved remaining amount of Rs 50 billion on the condition that the requisite funding will be provided against future subsidy claims.
Copyright Business Recorder, 2022
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