Tuesday, June 28, 2022

Govt mulling various options to cut down on circular debt

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ISLAMABAD: The Ministry of Finance on Thursday said the government is considering various options to arrange Rs200 billion to cut down on the country’s circular debt.

“In response to some tickers run on certain channels regarding arrangement of Rs 200 billion to bring down the circular debt, the Ministry of Finance would like to clarify that it is considering various options to complete the transaction as soon as possible,” it said in a Twitter statement.

The ministry said negotiations with banks are going on in this regard. “The matter has also been discussed with IMF team during its recent visit. Hopefully the matter will be resolved soon,” it added.

A delegation of the International Monetary Fund (IMF) led by Director Middle East and Central Asia Department Jihad Azour concluded its visit to Pakistan during September 16–20.

Jihad Azour along with his delegation met top government officials during the visit and discussed progress in the implementation of economic policies.

Talking to an IMF delegation last week, Minister for Power Omar Ayub Khan had said the circular debt has shown considerable reduction due to concerted efforts of the incumbent government.

The minister briefed the delegation on “historic achievements” by the Power Division in record recoveries, reduction in line losses and technical and system improvement measures undertaken in the Power Sector.

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