ISLAMABAD: Finance Minister Muhammad Ishaq Dar has said that the measures taken by the government for revamping the energy sector have made it attractive for foreign investment.
During a detailed meeting with US Special Envoy and Coordination for International Energy Affairs, Ambassador Carlos Pascal, in New York, the finance minister said the energy mix in the country had shifted adversely over a period of years and the government was therefore looking for exploring options for producing cheaper energy from coal, gas and hydel resources.
Finance minister said that our aim was to correct our energy mix in the shortest possible time and said Pakistan would appreciate US help in achieving this goal.
The Finance Minister and US Special Envoy discussed ways and means to overcome energy crises in Pakistan that was hampering economic growth, according to a statement received here Friday. The Minister informed the envoy that the new government inherited a huge fiscal deficit, skyrocketing circular debt and declining revenues in real term.
The Finance Minister also apprised the US Envoy about the actions taken by the new government in the first 100 days.
He said the government has taken tough decision and increased tariff which had been kept constant for last 15 months due to political expediency.
At the same time the government took bold step of clearing the circular debt which resulted in addition of 1700 mw of electricity in the system.
Ambassador Pascal appreciated the steps taken by the government to resolve energy crisis and agreed that Pakistan needed to adopt a multi-pronged strategy.
Both sides agreed to work together and set a timeline to expand the supply of gas and electricity.
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