Parliamentary standoff stalls debt deal with IPPs – Finance Minister

Finance Minister Dr Mohammed Amin Adam has revealed that the ongoing parliamentary impasse is delaying the completion of debt restructuring agreements with two Independent Power Producers (IPPs).

Speaking at the finance ministry’s monthly economic briefing, Dr Amin Adam explained that while agreements with three IPPs—AKSA, Asogli, and Zenit—are either signed or near completion, progress with Cen Power and Amandi has stalled.

These agreements require parliamentary approval to proceed.

“We concluded negotiations with the IPPs; some have already signed off. AKSA has signed, while Asogli and Zenit are about to finalise their agreements. However, the deals with Cen Power and Amandi remain outstanding as they need parliamentary approval,” he stated.

Parliament has been adjourned indefinitely following a legal challenge by the Majority over the Speaker’s decision to declare four seats vacant.

Dr Amin Adam stressed that this standoff is holding up critical government business.

“Until parliament resumes and approves these agreements, they will remain unresolved,” he added.

Despite the challenges, the minister assured that the government has fulfilled its commitments under the agreements.

“We have upheld our side of the bargain. We’ve done everything required and haven’t missed a single dollar,” he emphasized.

The agreements with the IPPs are seen as crucial, especially after power producers had threatened to shut down operations over unpaid debts.

However, the parliamentary deadlock poses a significant hurdle to resolving the issue and moving the agreements forward.