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February 18, 2020

Circular debt increasing by Rs12b a month

Top Story

February 18, 2020

ISLAMABAD: Prime Minister Imran Khan Monday directed for out-of-the-box solutions to reduce electricity and gas tariffs on sustainable basis.

He gave this direction while chairing a high-level meeting to reduce electricity and gas tariffs and provide relief to domestic consumers and industries.

Among others, the meeting was attended by Minister for Energy Omar Ayub Khan,Adviser on Finance Dr Abdul Hafeez Sheikh and Minister for Planning and Development Asad Umar.

The prime minister said that without taking into account the interest of the country, expensive and illogical agreements and arrangements were made by the previous governments, which resulted in expensive electricity and circular debt. The prime minister was told that in order to prevent power theft, effective measures have been taken, which had resulted in an income of Rs122 billion.

The meeting was informed that monthly increase of Rs38 billion in circular debt has been reduced to Rs12 billion, which will be reduced to zero by the end of this year.

Imran Khan said that the top priority of the government was to provide relief to people with low-income segment. On his directions, various proposals were presented in order to stabilise and reduce electricity prices for domestic consumers and industries. Special Assistant to Prime Minister on Petroleum Nadeem Babar presented suggestions for a long-term plan to reduce gas prices.