ISLAMABAD: Finance Minister Abdul Hafeez Sheikh has formed a three-member committee to provide emergency funds to Independent Power Producers (IPP) in order to help them overcome their financial crisis, Express 24/7 reported on Thursday.
The committee, headed by Water and Power Minister Syed Naveed Qamar, has been asked to submit a report on the issue within 72 hours.
The decision was taken in Islamabad during a meeting of the cabinet committee on energy crisis.
The committee was told that banks had refused to finance IPPs and they will be forced to shut down if funds are not given in the next ten days.
The Independent Power Producers Advisory Council (IPPAC) had earlier warned that power plants will be forced to shut down within ten days and pitch the country into darkness if Rs150 billion is not injected into the companies.
IPPAC Chairman Abdullah Yusuf had said that the government needs to resolve the issue of outstanding dues amounting to Rs210 billion against Pakistan Electric Power Company (Pepco). He said that power plants faced frequent shut down due to shortage of fuel supply, which is supplied on a daily basis.
The country is losing 2,000MW to 2,500MW electricity daily due to non-availability of fuel supply coupled with lack of funds with the Independent Power Producers (IPPs) due to swelling dues, he said.