Finance ministry to contribute Rs53 billion to pay off circular debt

 

ISLAMABAD: The country’s Finance ministry is to contribute in paying off the country’s soaring circular debt, and has released Rs53 billion to the Power Division.

According to sources in the division, the funds have been released to pay off fuel and electricity payments related to Pakistan State Oil and Independent Power Producers (IPPs). Image result for electricity poles Pakistan. The payment is part of a decision by the economic coordination committee of the cabinet last month wherein it was agreed to release Rs80 billion to pay off the circular debt.

When the present Pakistan Muslim League-Nawaz government came to power in 2013, it had made a one-time payment of Rs480 billion to settle the circular debt.

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However, the amount has again reached a staggering Rs541 billion, according to official figures.

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