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Karachi businessmen urge government to have mercy on industries

SAMAA | - Posted: Mar 21, 2020 | Last Updated: 2 weeks ago
SAMAA |
Posted: Mar 21, 2020 | Last Updated: 2 weeks ago
Karachi businessmen urge government to have mercy on industries

Industries are shut and there’s no way we can pay such exorbitant electricity bills carrying ISPA [Industrial Support Package Adjustment], said Businessmen Group Chairperson Siraj Kassam Teli on Saturday.

ISPA is a retrospective adjustment plan by the Ministry of Energy on a subsidy package offered to industries, but later discontinued back in July 2019 by the Economic Coordination Committee. The subsidy, however, is being adjusted in the bills rolled out to industries.

In a press conference attended by other business community figures, Teli said that the industries will only foot the bills with ISPA and that the KE must advice banks to accept it. “Failure to accept payments without ISPA will leave no other option but to not pay the bill at all.”

Earlier, Chamber of Commerce and Industries President Agha Shahab Ahmed Khan and Pakistan Businessmen and Intellectuals Forum President Mian Zahid Hussain had raised their concerns.

Hussain, in a press statement on Friday, said, “K-Electric has started asking the industrial sector for an additional sum of Rs5 billion under the ISPA.” He said the adjustment will bankrupt local industries.

Khan, on another occasion, said the charges were “not less than a bomb that would completely destroy many industries”.

When contacted, K-Electric said the decision to withdraw ISPA was not theirs to make and that it was the ECC jurisdiction to discontinue the ISP. “It has already been implemented in the rest of the country.”

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