Pakistan

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.

Express October 11, 2011

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.

COMMENTS (1)

Meekal Ahmed | 13 years ago | Reply

Mr Masood who has been FS about three times now must weild some sort of magic. You would think that there is no one in Pakistan that can hold the position. Only him.

If they are unpaid bills, cut them off. What are you waiting for? The FS does not tell us how many government departments have unpaid bills, starting with the Presidency and PM all the way down to the provincial governments.

The issue will be resolved on Wednesday? If it was so easy, why wasn't it resolved years ago?

Money from the CSF? We need to stop inflating our bills for services rendered. The US ignored the rip-off for years. They are not in the mood to do so now.

As for PTCL dues, keep dreaming. Despite our close friendship with the UAE, they are business people.

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