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PM directs to find permanent solution to circular debt issue

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi on Thursday directed an overhaul of the power transmission, distribution and recovery process of the distribution companies to cut down inefficiencies and to find a permanent solution to the issue of circular debt.

He was chairing a meeting in Islamabad to review issues related to furnace oil, petroleum and circular debt. The meeting also reviewed availability and consumption of gas by the power sector.

The prime minister directed for constitution of a high level committee to find solution to the issue of circular debt.

Read More: Each Pakistani owes Rs0.124 mn in debt today, says Imran

The meeting took stock of the existing storage, production capacities of the local refineries and consumption, and decided to restrict import orders for the furnace oil in future.

It was decided that future import of furnace oil would be conditional to the approval from Cabinet Committee on Energy.

The measure would help reduce import bill and ensure optimal operationalization of Liquefied Natural Gas-based power plants.

Shahid Abbasi directed Ministry of Power and Ministry of Petroleum to ensure proper planning to ensure maintenance of required stocks of furnace oil to meet any emergency situation.

Read More: Circular debt in energy sector crosses Rs. 300 bln

Minister for Power Sardar Awais Ahmed Leghari briefed the Prime Minister on steps taken by the Ministry towards streamlining the provision of new electricity connections to the consumers.

He informed the PM that by 15th of next month, all pending applications, which stood around 800,000 during past few months, would be disposed of.

He said that a system was being developed to ensure provision of electricity connections to consumers within 15 days of application.

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