BQATI asks CM Sindh to facilitate resolution of outstanding payments of KE

KARACHI: In a meeting between K-Electric officials and Bin Qasim Association of Trade and Industry (BQATI), President BQATI, Naveed Shakoor, stressed on the importance of stakeholders to find a resolution to the Rs 50 billion outstanding payments yet to be made by different stakeholders to K-Electric (KE).
KE officials apprised BQATI that the company’s cash flows were facing a pinch owing to the non-payment of this amount by the Provincial Government. KE officials were concerned about their ability to sustain operations in such circumstances since delayed payments was forcing an increased borrowing from banks.
If this situation were to continue, KE officials feared that the operations would be impeded, hampering power supply to the city which could create a potential crisis for industries and other customers.
Speaking on the matter, President BQATI, Naveed Shakoor said: “Bin Qasim Association of Trade & Industry (BQATI) represents the industries located in Bin Qasim Town of Karachi. The largest concentration of our members are located in the Port Qasim Industrial Zone which is indeed a very fast growing area. Most of the multinational companies are now located in the Port Qasim Industrial zone and are continuously expanding. Since Pakistan needs a very rapid industrial growth, we believe that it is our responsibility that we create an environment which is fully conducive for the investment. Any interruption to their power supply causes huge losses in revenue and deals a blow to our export potential, which we cannot afford in current economic conditions. It is necessary to find a reasonable solution quickly, because any adverse impact on KE’s operations will have a cascading influence on activity in Karachi.”
BQATI officials reiterated that all stakeholders including the Chief Minister Sindh and his team must work with K-Electric’s management to identify a way forward so that the situation can be resolved in time.
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