Circular debt soars to Rs525bn

The country’s circular debt has reached Rs525 billion due to highly mismanaged power sector after top positions of public sector’s power companies have been occupied by Power Ministry’s officials, well- informed sources told Business Recorder.

The power sector had borrowed Rs41 billion in June 2017 to partially clear the circular debt when Independent Power Producers (IPPs) and Pakistan State Oil (PSO ), which supplies furnace oil to Hubco and Kapco, made a hue and cry.

Published in Business Recorder, 2nd January, 2018