‘Govt clearing huge liabilities of past regimes in power sector’

F.P. Report
ISLAMABAD: Federal Minister for Energy Omer Ayub Khan on Friday said present government was clearing liabilities of the previous regimes in the power sector that had been incurring huge losses to national exchequer.
Taking part in the debate in the National Assembly regarding inflation, he said that the previous government had somehow planted “landmines” in the foundation of economy.
He said that the annual capacity payment to the Independent Power Producers (IPPs) was Rs185 billion in 2013, Rs468 billion in 2018 and Rs860 billion in 2020, and it would surpass Rs1,455 billion in 2023. He raised question that why people were put on stake.
He said corrupt practices had been detected in every single contract signed by previous governments. He said present government had now eliminated corrupt practices in contracts.
The minister pointed out that there were only two weeks foreign exchange reserve by the end of PML-N tenure and added when the PPP completed its term, there were two months of forex reserves.
He said that exports did decline during past regimes that had started now showing upward trend due to the vibrant policies of the present government.
He said that the government was pursuing pro-business policies and these were being appreciated by business community. He said the large scale manufacturing was now witnessing growth of 14.50 percent. The minister said the previous government allowed setting up of expensive power plants, ignoring indigenous resources of energy.
He said the present government was focusing to exploit the potential of renewable energy to produce inexpensive electricity. He said the agreement signed with the IPPs would help save Rs 800 billion. Speaking on the occasion, Federal Minister for Planning, Development & Special Initiatives Asad Umar, appreciating Speaker National Assembly for conducting session amicably, said that opposition should avoid to follow double standard.