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Senate body for breaking-out of vicious cycle of circular debt.

ISLAMABAD, November 23, 2009 (Balochistan Times): Expressing its deep concern over the ever-rising circular debt and its baneful implications for the economy, the Senate Standing Committee on Petroleum & Natural Resources, constituted a Sub-Committee to identify causes of the vicious cycle of circular debt with a view to breaking-out of it urgently. The committee which met at the Parliament House Monday under the Chairmanship of Senator Sabir Ali Baloch, constituted a Sub-Committee to identify causes of the vicious cycle of circular debt with a view to breaking-out of it urgently. It also constituted a Sub-Committee consisting of Senator Muhammad Jehangir Badar as Convenor and Senators Abbas Khan, Haroon Khan and Dr. Ismail Buledi as members. The Committee took serious exception to the lack of coordination among various government departments and agencies on the subject and expressed its disappointment over discrepancy in the figures given to the Committee by various government sources. It recommended that these figures must be reconciled and firmed-up. The Committee took note of the adverse economic implications the issue of circular debt would have on the prospective mega projects of the country and the economic crisis it would generate in Pakistan. It also expressed its serious concern that despite intervention by the M/o Finance on three occasions, the issue of circular debt is in the status quo. It also took note that the financial assistance provided by the M/o Finance to even out the circular debt is not being utilized for the purpose it is intended for and as such requested M/o Finance to look into the matter. The Committee also recommended that the proposed increase of 18% tariff on gas as being contemplated by the M/o Finance / OGRA should not be imposed on the already hard pressed consumers, who are literally groaning under the great burden and the tariff should be reduced to mitigate their suffering. It also recommended that promotions / appointment in the PSO should be made strictly on merit. Dilating upon the magnitude of the impact of the circular debt on the economy of the country, the Committee also decided that M/o Finance should look into the causes as to ascertain the causes of the inability of the WAPDA to pay back the payables to the concerned agencies.

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Publication:Balochistan Times (Baluchistan Province, Pakistan)
Date:Nov 23, 2009
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