Country's circular debt soars to Rs521b, Senate told

ISLAMABAD: Country's circular debt has soared to Rs521 billion on May 30, 2018, Minister for Energy Ali Zafar told Senate in a written reply.

In response to the question of Senator Nauman Wazir Khattak, the minister told that the power purchaser is making 85 per cent of payment against current billing of the generators. The former government, however, had cleared Rs480 billion of circular debt on June 30, 2013. Afterwards, regular payments are being made by the power purchaser to the generators.

He said the present government has not yet cleared Rs400 billion circular debt. Senate chairman has already constituted a committee to examine all individual components of the circular debt and measures taken by the government to reduce the circular debt.