Pakistan’s circular debt surpasses Rs935 billion

Energy sector owes Rs266.4 billion to PSO, company stats confirm

ISLAMABAD: Pakistan’s circular debt volume has surpassed Rs935 billion during the PML-N led government since it came into power following 2013 general elections. Meanwhile, both Nawaz Sharif and Ishaq Dar had strongly criticized the erstwhile PPP led government with reference to the hike in circular debt claiming that PML-N government will contain circular debt after complete repayments.

According to media reports, former finance minister Ishaq Dar tried to mislead the nation on circular debt by giving wrong statements while a particular person from the business community was favoured in the course of payment of circular debt worth Rs480 billion. Yet, the principal amount of circular debt remained unchanged.

Meanwhile, according to latest statistics released by Pakistan State Oil (PSO), the energy sector owed Rs266.4 billion to PSO. Moreover as of April 15, 2018, thermal power companies (GENCOs) were defaulters on payment of Rs148 billion, meanwhile, HUBCO and KEPCO owed Rs75 billion and Rs39 billion to PSO.

According to sources the NAB and FIA have started mulling over strategy to investigate the matter to reach the real facts.

- Advertisement -
- Advertisement -

Must Read

Car sales surge by over 31pc in 9MFY21

With the exception of a few heavy vehicles, the overall auto sector enjoyed robust growth in the nine months of the current fiscal year...