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ISLAMABAD: Ministry of Finance (MoF) has reportedly refused to release Rs70 billion K-Electric Tariff Differential Arears (TDS) due to non-reconciliation.

According to Finance Ministry, it agreed on the 3rd quarter requirements plan for 2023-24 as per following details: Agriculture Tube Wells (ATWS) QESCO, Rs9.5 billion, ATWS KE, Rs500 million, TDS Discos, Rs150 billion, FATA receivables, Rs39 billion, TDS K-Electric, Rs171 billion, AJK TDS Rs25 billion, PERA Rs48 billion and Industrial Support Package (IPS), Rs7 billion, totalling it to Rs450 billion.

For Quarter 3 provisions Rs2 billion are required for (ATWS) QESCO, ATWS KE-0, TDS Discos, Rs60 billion, FATA receivables Rs11.701 billion, AJK-TDS, Rs62 million, PERA Rs12 billion and ISP-0. It had been decided that funds may be released subject to availability of verified claims and completion of all codal financial, procedural and legal formalities as laid down under the prevailing rules and regulations.

Nepra should help KE find solution to its problems: PM

However, requirement of funds during the 3rd quarter under Finance Division’s demand during FY 2023-24 as lump provision for power subsidy were Rs256.040 billion of which Rs70 billion was earmarked for TDS-KE (arrears), Rs55 billion and Rs131.040 billion for Government Power Plants (GPPs). Finance Division argues that it does not support payment of Rs70 billion to KE as TDS arrears as reconciliation with Power Division and K-Electric is pending.

Finance Division has supported payment of Rs37 billion for AJK subsidy arrears but subject to reconciliation and approval of ECC for Technical Supplementary Grant (TSG). Finance Division has also supported payment of Rs131.040 billion to GPPs/IPPs subject to recovery of DSL/ dividend.

Funds can be surrendered in mid-March 2024 for obtaining TSG as already approved by the ECC on December 20, 2023.

However, funds will be released in SAP system to concerned heads of power subsidy in accordance with the Budget Wing which provides that “The sanction for expenditure will be issued by PAO concerned and copy will be sent to Budget Wing, Finance Division for entry in SAP System” along with (i) reconciliation statement of each subsidy Head/Cost Center duly signed by the AGPR of preceding month along with sanction letters for SAP release and (ii) verified subsidy claims statements and soft copies of respective heads of subsidy, duly verified by the Chartered Accountant.

Copyright Business Recorder, 2024

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