OUR STAFF REPORTER KARACHI - The financial stability of the country has become a question mark and it will face dire consequences in the international arena as four major independent Power Producers (IPPs) have invoked the sovereign guarantee as their notice issued a month ago demanding the government to clear long-awaited dues is still unheard. This is the second case in Pakistan history that sovereign guarantee has been called which is considered to be the last stage when a company seeks guarantee of satisfaction from the government in case of its bankruptcy. The four major Independent Power Producers (IPPs) in the country, Nishat Chunian, Nishat Power, Liberty and Atlas Power, had issued a notification on May 13, demanding payment of overdue amounts from the NTDC. After passage of 30 days as the dues continued to be unpaid, the four IPPs have finally invoked the sovereign Guarantee of the GOP Wednesday. To utter disbelief of the economists, the government is continuously ignoring the matter of such importance as it failed to pay the dues of these IPPs during the notice time period of 30 days. They said that the matter of payment is now between the government of Pakistan and the IPPs as the power purchaser, PEPCO, has already defaulted. They warned that if the government fails to pay the remaining amount of approx Rs. 10 billion out 16.43 billion to the IPPs, it will also be considered as defaulter. The whole world is closely monitoring the governments response to these notices and any delay will tarnish Pakistans reputation as the global rating agencies consider the response time of the government in case sovereign guarantee is invoked, they added. Sources said that its very unfortunate event but we have no other choice as the government has long been overlooking our problems. Its a distant dream for IPPs that they would get any support from the government instead they have been long seeking for what is their own i.e. the payment of fuel from which they produce electricity, he added. Sources said that IPPs are left with no more money to buy fuel for the production of electricity and they had to invoke sovereign guarantee as the last resort which is an alarming situation for the government authorities. He regretted that the government is not taking the needed desperate measures to resolve the challenges being faced by the IPPs and the whole industrial base in the country will face the consequences if these IPPs shut down as the country is already going through the worst energy crisis.