Supreme Court GIDC verdict highly laudable: Former President ICCI



ISLAMABAD, AUG 15 – Former President ICCI Shahid Rasheed Butt on Saturday said business community of Pakistan unconditionally support steps taken by Prime Minister Imran Khan to reduce the tariff of electricity.

The government has successfully negotiated reduction in the price of electricity by many IPPs and Wind Power Projects which will give relief to the masses and business community, he said.

Shahid Rasheed Butt said that reduced tariff of electricity will trigger production, employment, exports, and revenue.

He said that former governments promoted crooked businessmen in the name of bridging power shortfall and entered into highly controversial agreements which damaged the economy and eroded the buying power of masses.

Now the incumbent government is reversing the shady deals finalized under 2002 Power Policy but it should also look into the other projects finalized under other power policies and special arrangements, as their tariff is very high.

He said that there are reports that remaining IPPs are also considering signing new agreements which are not against national interests.

Mr. Butt said that power tariff in Pakistan is almost 25 to 35 percent higher than the regional countries making exports uncompetitive in the international market.

He said that the decision of the Supreme Court regarding GIDC is good and according to the ground realities which will give the benefit of Rs405 billion to the government.

The levy was imposed in 2011 to raise funds for gas infrastructure development while the total GIDC accumulated so far is Rs700 billion of which about Rs295 billion has been collected and Rs405 billion will be recovered now.