Federal Cabinet Approves Tariff Reduction Agreements with 8 IPPs

This decision, aims to lower electricity tariffs

for the public while benefiting the national

exchequer by Rs 238 billion

Correspondent

Islamabad: The Federal Cabinet, chaired by Prime Minister Muhammad Shehbaz Sharif, approved settlement agreements with eight independent power plants (IPPs) running on bagasse. This decision, recommended by the Ministry of Energy and the Power Division, aims to lower electricity tariffs for the public while benefiting the national exchequer by Rs 238 billion, according to the PM Office Media Wing.

The IPPs included in the agreement are DW Unit I, Unit II, RYK Mills, Chiniot Power, Hamza Sugar, Al-Moez Industries, Thal Industries, and Chinar Industries. Following the approval, the Central Power Purchasing Agency will approach NEPRA to implement the revised tariffs.

Addressing the meeting, PM Shehbaz Sharif reaffirmed the government’s commitment to reducing electricity prices and prioritizing national interests in decision-making. He also highlighted the promotion of private sector development as a key government focus.

Updates on Syrian Evacuation Efforts

The Federal Cabinet received a briefing on the situation in Syria and the evacuation of Pakistani nationals stranded there. Officials reported that 79 of the 250 Pakistani pilgrims had safely reached Beirut, with plans underway to repatriate them. Seven out of 20 teachers and students in Syria had also arrived in Beirut. Pakistani embassies in Syria and Lebanon are actively facilitating the safe return of all citizens.

PM Shehbaz Sharif shared details of his conversation with Lebanese Prime Minister Najib Mikati, who assured support for the evacuation efforts, including the use of Beirut Airport for chartered flights.

Additional Cabinet Decisions

• Appointment: Brigadier Asim Bashir Warraich was appointed as Member of Production Control on the Board of Heavy Industries Taxila, per the Ministry of Defence Production’s recommendation.
• National Commission Fund: The Cabinet approved the establishment of the National Commission for the Status of Women Fund, as recommended by the Ministry of Human Rights.

Economic Updates

PM Shehbaz expressed optimism about the economy, citing a further decline in inflation to 3.57% and record-high foreign remittances compared to the previous year. He also mentioned ongoing negotiations for Azerbaijan’s $2 billion investment in Pakistan, with agreements expected to be finalized during his visit to Baku in February 2025.

Law and Order

The Prime Minister reiterated the importance of maintaining law and order. He instructed authorities to act firmly against those involved in recent attacks on the federal capital while ensuring that innocent individuals are not harassed.

This series of decisions underscores the government’s focus on economic stability, public welfare, and maintaining order amidst regional and domestic challenges.