ISLAMABAD: The Finance Ministry Wednesday formed a committee to settle gas circular debt as it accumulated up to Rs1,500 billion.
The Minister of Finance and Revenue Ishaq Dar notified a committee to devise a circular debt settlement plan for gas sector companies, appointing Ashfaq Yousaf Tola as the convener.
The members of the committee include:
Moreover, chief financial officers of some relevant companies are also included in the committee, these include:
The committee has been tasked with undertaking a detailed mapping of gas sector circular debt as of June 30, 2022, segregating the principal amount of debt, loss per share, penalties and LDs among the under-reference public sector entities of petroleum and power sectors.
According to the notification, the body is also directed to work out a circular debt settlement plan through “cash/non-cash releases/disbursements.”
The ministry has given the committee a 10-day period to submit a report with its recommendations, which should be suggested after identifying legal and procedural requirements to implement the circular debt settlement plan.
It was further notified that the committee can co-opt any other member and the Finance Division will provide the secretariat support to the committee.