FAISALABAD: Former caretaker federal minister and chairman of the think tank on economic policy and business development, Dr. Gohar Ejaz, has intensified his criticism of Independent Power Producers (IPPs), accusing them of holding Pakistan’s economy hostage. Speaking at a press conference following a gathering of business leaders at the Faisalabad Chamber of Commerce and Industry on Friday, Dr. Ejaz argued that while patriotic business communities strive to elevate Pakistan to the world’s fifth-largest economy, IPPs are burdening the nation with exorbitant electricity costs.
Dr. Ejaz highlighted that electricity prices globally do not exceed ten cents per unit, yet in Pakistan, industries are forced to pay as much as 16 cents per unit. He revealed that he had consistently raised this issue during his tenure as Commerce Minister, advocating for more affordable electricity rates for the industrial sector.
He further criticized the excessive subsidies being funneled to IPPs, amounting to Rs. 2.1 trillion, despite many plants operating at less than 50% capacity. Dr. Ejaz called for a forensic audit of the IPPs and questioned the government’s decision to buy electricity at inflated rates, which burdens consumers.
During the event, other business leaders, including FPCCI Chairman SM Tanveer and former FPCCI President Mian Mohammad Idrees, echoed Dr. Ejaz’s concerns, warning that the country’s expensive electricity is leading to factory closures, rising unemployment, and social unrest.
The business community urged the government to urgently address the electricity crisis before public protests escalate, emphasizing the need for reforms to protect the economy and alleviate the burden on citizens.
