Govt releases Rs 11bn to clear circular debt

[Lahore_Real_Estate]

ISLAMABAD: Prime Minister Yousaf Raza Gilani in a special meeting on Monday directed Ministry of Finance to immediately release Rs 11 billion to PEPCO for onward payment to PSO for resuming full supply of fuel to the thermal power plants. Gilani also directed the Petroleum ministry to ensure restoration of fuel supply to KAPCO and HUBCO so that they could generate electricity to ease the electricity shortage in the country. Full restoration of the fuel supplies to these two plants will generate additional 2000 MW electricity that will greatly help in lowering the intensity of the energy shortfall. The prime minister reviewed the power generation shortfall and decided to convince the chief ministers of all the provinces for two weekly holidays and closure of shops by 8pm to overcome load shedding crisis. In this regard, a special meeting of federal cabinet will be convened within next 10 days and entire situation will be brought to the notice of the political leadership for a consensus decision, a senior official informed Daily Times. The official said due to the official engagements, the chief ministers did not attend the meeting. Some participants of the meeting were of the view that the provinces should also develop consensus at the level of Indus River System Authority on additional release of water from dams to facilitate the hydel power generation. Another senior official said that some of the participants termed the riots against power breakdowns, especially in major cities of Punjab, as politically motivated. The meeting also reviewed the energy conservation measures and the PM directed the minister for Water and Power to hold consultation with the provinces in this regard as any operational strategy in this respect has to be undertaken with the provincial governments on board.

The PM also directed a high powered committee comprising headed by Hafeez Sheikh to submit its recommendations in a special cabinet meeting to be convened soon to resolve the unscheduled load shedding issue. sajid chaudhry