Reforms in every sector necessary: minister

Govt devising strategy to tackle energy crisis.

ISLAMABAD:

Reforms in every sector of the economy are inevitable and the government is taking steps to tackle the circular debt, according to Finance Minister Abdul Hafeez Shaikh in a briefing at the National Defence University on Friday.

Speaking on price levels and the circular debt, Shaikh said that consumers and power distribution companies are to blame for the circular debt. He explained that consumers did not regularly pay their bills, while the distribution companies often billed consumers incorrectly and stressed the need for joint efforts to tackle the problem.

Shaikh underlined that it was Pakistan who approached the International Monetary Fund (IMF) to acquire loans and that they were seeking assurances that the money would be paid. As a result, economic reforms have become inevitable, while the government has already initiated efforts for various sectors. In order to tackle the challenges a consensus-based strategy must be developed, he added.

Published in The Express Tribune, March 5^th, 2011.