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Fed to write off Rs. 50 bln circular debt of Sindh

circular-debt

ISLAMABAD: Federal government has decided to write off Rs. 50 billion from the circular debt outstanding against Sindh Government, ARY News reported on Saturday.

Around 128 billion rupees have been outstanding against Sindh with respect to the unpaid power bills by a number of the provincial government departments.

The federal government has made deduction in the payable electricity bills against Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Supply Company (SEPCO). The government of Sindh will pay Rs. 27 billion to the two power distribution companies in four equal installments.

On the other hand, Pakistan State Oil (PSO) arrears against various government departments have reached to Rs. 220 billion. The PSO outstanding dues of various power companies increased by Rs. 8.40 billion in this October.

The PSO is facing financial constraints due to the backlog of the arrears.

The volume of the outstanding dues of PSO against the private power producers has reached Rs. 81.40 billion, company sources said.

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