More outages feared as circular debt rises

ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) has voiced concern over the rising circular debt that has reached Rs573 billion and is expected to lead to more load-shedding and affect production activities.

It urged the government to take urgent measures to clear the debt in order to save the economy from its damaging consequences.
In a statement, ICCI President Sheikh Amir Waheed recalled that the circular debt had exceeded Rs500 billion in May 2013 and the current government, after coming to power, cleared Rs480 billion worth of debt in June that year, after which it was hoped that the issue would not rear its head again.

Published in The Express Tribune, 31st May, 2018