Business
February 9, 2021
ISLAMABAD: The government has decided to pay outstanding amount of Rs403 billion to 46 independent power producers (IPPs) and Rs161 billion will be released instantly, sources said on Monday.
The sources said the payment of Rs403 billion will be made in two instalments. First instalment will be 40 percent of the payable and will be paid one-third each in five-year sukuk and 10-year Pakistan Investment Bonds, while remaining 60 percent will be cleared within six months of the first instalment via the similar means.
Release of the payments will help ease pressure on companies and reduce circular debt. The Economic Coordination Committee (ECC) of the cabinet took the decision during a meeting chaired by Minister for Finance and Revenue Hafeez Shaikh.
The roll-out of coronavirus vaccines in many countries will not provide herd immunity from the global pandemic this year, several health experts said on Monday, citing limited access for poor countries, community trust problems and potential virus mutations.