Gas price hike possible amid circular debt crisis
MG News | September 08, 2023 at 08:08 PM GMT+05:00
September 08, 2023 (MLN): Given the pressing concerns regarding the circular debt, it is deemed necessary to increase gas prices across the board as a vital step towards addressing the crisis, Muhammad Ali, Caretaker Minister for Energy, Power & Petroleum stated at the SIFC Apex Committee meeting today.
However, to seek relief, a proposal for electricity rate adjustments has been submitted to the International Monetary Fund (IMF), with expectations of a government response by the weekend or Monday.
Discussions with the IMF are in progress regarding the resolution of circular debt, a problem that has amassed more than Rs500bn, requiring careful negotiation.
Muhammad Ali highlighted the enormity of the challenge, emphasizing that it will take time to reach a resolution.
Notably, approximately 70% of the circular debt, amounting to Rs2,700bn, is centered around the exploration sector, revealing the scope of the problem.
Furthermore, the freezing of prices has led to significant losses, estimated at Rs350bn per annum.
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