Dar Assures K-Electric Of Settling Its Issues With Govt Entities

ISLAMABAD, (UrduPoint / Pakistan Point News - 15th Feb, 2017 ) : Finance Minister, Senator Mohammad Ishaq Dar Wednesday assured the K-Electric of full cooperation and support of his ministry for settlement of its outstanding issues with various federal government entities.

The minister was talking to a delegation of the K-Electric that called on him here. Federal Minister for Water and Power, Khawaja Muhammad Asif was also present on the occasion. The minister said that the government wants to resolve the pending issues in a fair and equitable manner and urged the company to reconcile their payables and receivables with the respective entities in a similar spirit.

Dar appreciated the planned investment venture of the Abraj Group and added that liberal investment regime and incentives offered by the Government encouraged investment in different sectors of the economy.

Foreign investors are now willing to avail of this liberal investment regime, he added.

On the occasion, head of the delegation, Umar Lodhi apprised the Finance Minister of the electricity situation in Karachi and the steps taken by the company to improve the supply of electricity to various areas in the metropolis.

He briefed the Minister on the status of payables/ receivables of K-Electric with regard to various government entities and suggested ways to resolve the pending issues. The delegation informed the meeting that negotiations for investment of Shanghai Power in the K-Electric were progressing and the matters were likely to be finalized soon.

The Chinese side has carried out its due diligence and was satisfied with the financial position of the company. The meeting was also informed that the Abraj Group, the major shareholder of K-Electric, is planning to invest around US$ 150 million in the banking and health sectors in the country. APP/maw/kmd � 16:13/16:44/16:44