Details of Rs480 billion circular debt pay-off released

Rs23 billion worth of debt still needs to be paid.


Web Desk July 23, 2013
Rs23 billion worth of debt still needs to be paid. ILLUSTRATION: JAMAL KHURSHID

Ministry of Finance released details about the payment of circular debt to oil companies and power producers on Tuesday, Radio Pakistan reported.

A spokesperson of the ministry said in a statement that Rs480 billion worth of debt was paid and the details of the payments were posted on the official website of the ministry.

The total circular debt amounted to Rs503 billion prior to the payment.

The spokesperson said that Rs23 billion still needed to be paid. The figures and payments have not been independently verified .

Pakistan Muslim League-Nawaz (PML-N) government's much publicised new energy policy envisages an end to power outages within three years besides phasing out electricity subsidies for all but domestic consumers, using up to 300 units a month.

COMMENTS (3)

meekal a ahmed | 8 years ago | Reply

Agree with the above whole-heartedly.

Sodomite | 8 years ago | Reply

Without audit of the claims made by IPP etc., this payment means someone is taking the whole country to the cleaners. We all know how businessmen embellish their claims and coming from the infamous PPP era IPPs and RPPs, we should have been more circumspect of the past.

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