Circular Debt: Private sector owes Rs130b in electric bills, Secretary Finance

He also informed that $700m in Coalition Support Fund (CSF) have not been received during the current year.

ISLAMABAD: Secretary Finance, Waqar Masood said on Tuesday that the private sector owes Rs130b to the country’s electricity companies in unpaid bills.

Briefing the Senate Standing Committee on Finance in Islamabad, Masood said that the issue of circular debt in the power sector will be resolved in the Federal Cabinet meeting to be held on Wednesday.

He also informed the committee that $700m in Coalition Support Fund (CSF) have not been received so far during the current year -- while the United Arab Emirates government has yet to pay Rs80m to Pakistan Telecommunications Company Limited (PTCL).

He also apprised them on the Asian Development Bank's interest in construction of the Bhasha Dam.

Masood told the committee that exports have increased by 30 per cent, also mentioning that State Bank of Pakistan has $13.4 billion while commercial banks have $3.7 billion of foreign reserves.