[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]The Central Power Purchasing Agency – Guaranteed (CPPA-G)’s (Wapda’s) receivables have exceeded Rs. 232 billion, mostly as a result of the agency’s failure to make payments.
Business Recorder reported that Wapda’s current stock of receivables is Rs. 232.644 billion. The breakdown reveals that the amount of energy receivables was Rs 27.537 billion, the amount of pending debt servicing due to the Pakistani government was Rs 115.793 billion, and the amount of Net Hydel Profit due to the provinces was Rs 22.315 billion and Rs 67 billion, respectively.
The report states that on March 31, 2023, Wapda got Rs. 22.242 billion through Pakistan Investment Bonds (PIBs) in accordance with an ECC decision made on November 29, 2022.
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Citing sources, the report stated that CPPA-G only paid Rs. 2 billion in cash for the month of March 2023, much less than the minimum monthly demand of Rs. 7.50 billion. The Member Finance has informed the Secretary Ministry of Water Resources that the release was made against its long-outstanding energy receivables. Additionally, no money was made available to pay provinces due to Net Hydel Profit (NHP).
The Member of Finance added that Wapda has been asking CPPA-G to release cash each month totaling at least Rs. 7.50 billion in order to meet Wapda’s needs for equity infusion, operations and maintenance, and debt servicing.
In order to support Wapda’s operational and development demands, the Member Finance has asked that CPPA-G be instructed to direct the clearing of hydropower receivables totaling Rs. 232.644 billion as well as the payment of Rs. 7.50 billion to Wapda each month.[/vc_column_text][/vc_column][/vc_row]
