ISLAMABAD (June 16 2010): PPP is performing very poor. All the Load shedding is due to non payment to Power Generation Companies and Oil Companies providing Oil to Power Generation Companies. The planned load shedding was to introduce rental power projects. Mr. Imran Khan and Mr. Faisal Saleh Hayyat are claiming that Mr. Asif Ali Zardari has played all the game for getting benefit from rental power projects. There are many corruption stories in the media but president is not ashamed off on what he is doing or going to do. Prime Minister Syed Yusuf Raza Gilani on Tuesday directed immediate release of Rs 41. 4 billion to Pakistan State Oil on account of circular debt. The Prime Minister was chairing a special meeting to review the circular debt situation arising out of the pending payments to PSO. Gilani decided that the Ministry of Finance would arrange an amount of Rs 31.4 billion while Pepco would pay Rs 10 billion to PSO.
The Prime Minister said all the stakeholders particularly the provincial governments should honour their commitments made during the Energy Summit and pay their outstanding dues to help reduce the circular debt. The Prime Minister directed the concerned ministries and organisations for close co-ordination among all the stakeholders including the provincial governments within the next few days to resolve the circular debt issue lest it leads to any crisis. The circular debt, he said, be regularly monitored on a daily basis and the dues/claims of different organisations including provincial governments be settled.
Earlier, the Minister for Petroleum & Natural Resources briefed the meeting about the gravity of the situation arising out of the delay in payments to PSO by various power companies. The Minister for Water & Power apprised the meeting of the delay in payments by the provincial governments as per commitment made during the Energy Conference.
The PM was also informed of the recoveries made by Pepco from various organisations so far. He further opined that the issue of circular debt can only be resolved when the gap between the cost of production and the price of electricity is eliminated. The Minister for Finance assured that the amount due against the federal government as per the Energy Summit decision would be cleared within the next few days.
Tahir Basharat Cheema, MD Pepco informed that Pepco would be able to partially clear the PSO bills from the recoveries made so far and likely to be made till the end of this month. The meeting was also attended by Minister of State for Finance and Economic Affairs Hina Rabbani Khar, Secretary Finance, Secretary Water and Power and Additional Secretary Petroleum and Natural Resources.
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