The Special Investment Facilitation Council (SIFC) is reportedly working diligently to address the pending issues of K-Electric ahead of Prime Minister Shahbaz Sharif’s forthcoming visit to Saudi Arabia on April 28-29, 2024, according to well-informed sources.
On April 22, 2024, SIFC convened a meeting of stakeholders to discuss unresolved matters such as the Multi-Year Tariff (MYT) and write-off claims between K-Electric and the National Electric Power Regulatory Authority (NEPRA). While the Power Division has resolved some issues concerning KE, mediation on receivables and payables remains in progress.
Sources reveal that NEPRA’s leadership has raised numerous questions regarding these pending matters but has refrained from commenting due to pressure from higher authorities involved in the issue. Discussions during the meeting with the caretaker Prime Minister highlighted the ongoing efforts to resolve these issues, which have persisted despite directives from previous administrations.
Both the Power Division and NEPRA have been urged to expedite pending approvals to facilitate new investments from Saudi Arabia. Prime Minister Shahbaz Sharif is scheduled to participate in a special meeting on global collaboration, growth, and energy for development in Riyadh, Saudi Arabia, during his visit, where discussions will also encompass sectors such as agriculture, livestock, information technology, mining, minerals, and energy.
The Saudi Minister of Finance has expressed concern over the unresolved issue of Al-Jomaih Group’s investment in K-Electric, emphasizing that such issues may deter future private sector investments from Saudi Arabia. The Kingdom aims to attract more investors to Pakistan, but isolated negative examples could undermine trust-building efforts.
