Pakistan, March 7 -- The Economic Coordination Committee (ECC) of the cabinet has approved revised agreements with several power producers aimed at reducing long-term financial liabilities in the country's energy sector. The decision, taken during a meeting chaired by Finance Minister Muhammad Aurangzeb in Islamabad, is expected to generate significant savings while clearing outstanding dues to power producers.

Officials said the renegotiated deals with 14 wind power producers, a solar project of the Punjab government and other power plants would result in estimated savings of around Rs163 billion over the lifetime of the projects. At the same time, the government plans to immediately release about Rs235 billion in outstanding payments ...