- Officials say gas sector circular debt has reached Rs 1.6 trillion and would become comparable to power sector circular debt if reforms are not undertaken
ISLAMABAD: Finance Minister Ishaq Dar Saturday directed the authorities concerned to finalize their report and action plan for early settlement of circular debt in the gas sector that stands at around Rs 1.6 trillion.
An official said gas sector circular debt has reached Rs 1.6 trillion and would become comparable to the power sector circular debt in months ahead if reforms were not undertaken at the earliest.
The meeting on energy sector reforms chaired by Finance Minister was attended by the Minister of State for Finance and Revenue, Dr. Aisha Ghous Pasha, Minister of State for Petroleum, Musadik Masood Malik, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Ashfaq Yousuf Tola Chairman RRMC, Chairman SECP, Controller General of Pakistan, Accountant General of Pakistan and senior officers from Finance and Petroleum Divisions.
Ashfaq Tola, Convenor of the Committee for the settlement of the circular debt in gas sector apprised the chair of the quantum of the circular debt in gas sector and modalities and framework to introduce reforms in energy sector to offset the burden of circular debt in gas sector.
The meeting discussed viable proposals focused on bringing sustainability to the energy sector to achieve economic growth in the country.
The finance Minister emphasized the priority of the government to address the issues of energy sector including circular debt to bring financial sustainability of the sector and economic growth of the country.
The Finance Minister further directed the Committee to finalize their report and action plan for early settlement of circular debt in gas sector.
Copyright Business Recorder, 2023