According to officials of the ministry, the money covers part of the dues owed by Water and Power Development Authority (Wapda), Hub Power Company (Hubco) and Kot Addu Power Company (Kapco).
Prime Minister Yousaf Raza Gilani, about a week ago, had issued instructions for the release of Rs41.4 billion to the PSO for tackling the inter-corporate debt issue and improving the finances of the giant oil marketing company. Of that amount, the finance ministry will pay Rs31.4 billion and the Pakistan Electric Power Company (Pepco) will pay Rs10 billion.
Earlier, the receivables of the PSO had surged to Rs127 billion mainly because of non-payment by power distribution companies.
After releasing Rs14 billion, the finance ministry is expected to pay the remaining amount before the end of the current fiscal on June 30.
Published in The Express Tribune, June 23rd, 2010.
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