Expedite disbursement of funds from IMF to us – IPPs to Finance Minister

The Chamber for Independent Power Generators is urging the Minister of Finance, Dr. Mohammed Amin-Adam, as a matter of priority to expedite the disbursement of funds from the International Monetary Fund to the Independent Power Producers (IPPs).

In a statement signed by its Chief Executive Officer, Dr. Elikplim Apetorgbor, it said despite the announcement that the IMF cash has been released over a month ago, there has not been any demonstrable commitment or action towards disbursing these funds to the IPPs.

According to the Chamber, the delay has significantly hindered the conclusion of the already prolonged re-negotiations with the IPPs regarding the settlement of legacy arrears.

“Despite your announcement of the IMF cash release over a month ago, there has been no demonstrable commitment or action taken towards disbursing these funds to the IPPs. Your continuous delay is becoming unbearable and frustrating. The delay has significantly hindered the conclusion of the already prolonged re-negotiations with the IPPs regarding the settlement of legacy arrears”.

The IPPs claim the government owes it members about $2.0 billion.

“It is imperative to resolve these financial obligations promptly to ensure a stable and reliable power supply. The continuity and stability of our power supply depend on this crucial step”, it added.

It concluded that the timely disbursement of the funds is crucial to maintaining the trust and cooperation of the IPPs.

Therefore, it wants the Minister of Finance to take immediate action to honour the debt and facilitate the conclusion of negotiations with the IPPs.