Circular debt reaches Rs5.4tr
MG News | September 15, 2023 at 04:55 PM GMT+05:00
September 15, 2023 (MLN): Pakistan’s circular debt has surged to an alarming level of Rs5.4 trillion, Muhammad Ali, Caretaker Minister for Energy, Power & Petroleum stated.
Out of this amount, a significant portion, nearly Rs1 trillion, accounts for the interest on the debt.
Furthermore, the debt in the gas sector has surged to a staggering Rs2.9tr, while the power sector is also grappling with a substantial debt burden, which now stands at Rs2.5tr.
The rise in the gas circular debt is primarily due to distortions in the pricing pattern.
Importing gas at Rs3,700 and selling it at Rs1,100 has been a key factor contributing to the accumulation of circular debt.
To note, earlier on September 08, Muhammad Ali stressed the pressing concerns regarding the circular debt and stated that it might be necessary to increase gas prices across the board as a vital step towards addressing the crisis.
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