Govt decides to pay back Rs 50 billion in circular debt: sources
ISLAMABAD (92 News) – The federal government on Thursday decided to immediately pay back Rs50 billion in circular debt.
According to the sources of the Finance Ministry, the decision has been taken after independent power producers (IPP) threatened that they will suspend power generation. They said that the phase-wise payment will be initiated from Monday after the Ashura holidays and the weekend.
The sources also said that Rs34 billion will be paid to the Ministry of Power on Monday and the remaining Rs16 billion will be given at the end of next month.
They also revealed that the Rs50 billion have been taken as loan from eight banks.