Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry (ICCI) said that the root cause of the surging circular debt and rising power tariffs was the power purchase agreements (PPAs) signed with the International Power Producers (IPPs). He called upon the government to revisit PPAs with IPPs to pay them in local currency, said a press release issued here on Saturday.
Talking to media at the Chambers House, the President ICCI said that IPPs were earning huge profits in dollars, but the businesses were badly suffering due to exorbitant power tariffs and the rising cost of doing business.—APP
