Energy sector:Audit of debt under way on IMF’s request

Feb. 7

The Rs180b circular debt figure covered the receivables of Independent Power Producers and Wapda’s generation companies, but it did not include the dues of oil companies. PHOTO: FILE

ISLAMABAD: 

A parliamentary panel was informed on Friday that the government was conducting an audit of the stock of payables and receivables in the energy sector following a demand from the International Monetary Fund (IMF).

The Senate Standing Committee on Water and Power met here with Senator Zahid Khan in the chair. He was not happy with the explanation given by the officials and remarked that people were being robbed through levy of charges like fuel adjustment surcharge.

The Ministry of Water and Power admitted that the power sector subsidy had gone up to Rs180 billion.

A senior official of the National Transmission and Dispatch Company (NTDC) told the committee that circular debt had re-emerged and currently stood at Rs180 billion. The figure covered the receivables of Independent Power Producers (IPPs) and Water and Power Development Authority’s (Wapda) generation companies, but it did not include the dues of oil companies.

Source: http://tribune.com.pk/story/668952/energy-sectoraudit-of-debt-under-way-on-imfs-request/?