ICST urges Government to resolve the swelling Rs 800 billion circular debt

News Image

By MG News | August 07, 2017 at 04:26 PM GMT+05:00

0:00

Islamabad Chamber of Small Traders on Sunday asked the government to resolve the circular debt which has swelled to Rs800 billion posing serious threat to the economy.
 
Currently, the government is focusing on LNG which is cheaper than the hydel power but open to fluctuation in the international market, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.
He said that government should pay proper attention to the hydel power projects that generate cheap electricity and it is immune from external shocks.

Shahid Rasheed Butt said that power plants using imported fuel generate costly electricity while fluctuations in the oil prices result in miseries of the masses.

The energy sector has become dysfunctional because of the apathy of the successive governments while the PML-N leadership claimed to bury circular debt when it came to power, he added.

He said that energy crisis in Pakistan is a result of decades of indifference and it cannot be resolved anytime soon and it will continue to damage masses and the economy.

He said that dysfunctional power sector continues to deprive 35 percent of the population of grid electricity while the 65 percent have been facing load-shedding.

Pakistan fulfils 32 percent of energy demand through imported oil which is the biggest hurdle in the ample power generation while the circular debt continues to push away the investors.

He said that power transmission and distribution system has developed irreparable faults and at many places it as old as the country is, adding that the power sector is a classic example of the bad governance.

Related News

Name Price/Vol %Chg/NChg
KSE100 131,949.07
198.95M
0.97%
1262.41
ALLSHR 82,069.26
730.83M
0.94%
764.01
KSE30 40,387.76
80.88M
1.11%
442.31
KMI30 191,376.82
77.76M
0.36%
678.77
KMIALLSHR 55,193.97
350.11M
0.22%
119.82
BKTi 35,828.25
28.42M
3.64%
1259.85
OGTi 28,446.34
6.84M
-1.02%
-293.01
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,125.00 110,525.00
107,865.00
-2290.00
-2.07%
BRENT CRUDE 68.51 68.89
67.75
-0.29
-0.42%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 106.00 106.00
105.85
-2.20
-2.03%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.50 67.18
66.04
-0.50
-0.75%
SUGAR #11 WORLD 16.37 16.40
15.44
0.79
5.07%

Chart of the Day


Latest News
July 05, 2025 at 11:58 PM GMT+05:00

Weekly Market Roundup


July 05, 2025 at 02:57 PM GMT+05:00

National Savings Schemes see over Rs27bn inflow in May


July 04, 2025 at 10:16 PM GMT+05:00

CAT upholds CCP’s ruling against PREMA Milk


July 04, 2025 at 10:07 PM GMT+05:00

Gold price in Pakistan falls Rs1,500 per tola


July 04, 2025 at 08:01 PM GMT+05:00

TRG in Supreme Court



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg