KARACHI - The chairman of the FPCCI Advisory Board and National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, as well as former provincial minister Mian Zahid Hussain has termed the IPPs widely responsible for economic destruction of the country.
Talking to business community, he suggested to stop the establishment of new IPPs and giving state-owned IPPs standard rates for supply or electricity. Mian Zahid Hussain was of the view that we should start with the power plants of our friendly country, China, in order to balance the agreements with IPPs. We should stop building new IPPs of all kinds because only those in power need them, he added.
The business leader warned that the country will go bankrupt if the private sector does not stop building new power plants. Mian Zahid Hussain stated that different IPPS have received payments ranging from Rs 750 to Rs 350 per unit, which was unacceptable.
