Government decided to release Rs.30 billion for circular debt

KARACHI: Government has decided to release Rs.30 billion immediately.

Rs.24 billion will be paid to Pakistan State Oil (PSO) which is around 80 percent of total released amount to avert international default.

Remaining amount around Rs. 6 billon will be provided to independent power projects to maintain their day to day operation.

This was announced an inter-ministerial meeting held by the directives of P.M and chaired by finance minister Abdul Hafeez Sheikh

The meeting comprises with additional secretaries of Petroleum, Water and Power sectors and insisting to work-out a mechanism to eradication of around Rs.300 billion worth of circular debt which made the energy sector completely hostage.