Govt urged to speed up reforms in energy sector

Islamabad:The government should speed up reforms in the energy sector so that the economy can progress in a sustainable manner, a business leader said Monday.

The infamous circular debt has reached Rs1.7 trillion and it will surpass Rs two trillion by the next year posing a serious threat to the economy, said Shahid Rash­eed Butt former president ICCI.

He said that rising prices of electricity and gas will jeopardise industrial future of the country, therefore, mismanagement and inefficiency in these sectors should be tackled. Shahid Rasheed Butt said that the rotten system should be improved through proper intervention otherwise it will lay waste to industry, agriculture, and exports as electricity in Pakistan is costly as compared to all regional countries. He said that the demand for electricity has been reduced to the extent that it has become a problem for the government and a tariff increase will result in further contraction in demand.