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ICST urges settlement of circular debt

ISLAMABAD: Islamabad Chamber of Small Traders yesterday urged the government to settle issue of circular debt to save poor masses from sizzling heat in summer due to prolonged loadshedding. Honest customers should not be penalised for the inefficiency and mismanagement in the power sector, it said. Infamous circular debt has reached to Rs329 billion which would have been Rs700 billion if the oil prices were stable, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt. In a statement issued here, he said government had decided to pay Rs118 billion as subsidy to the power producers but so far the finance ministry has released Rs104 billion which has resulted in problems for the producers. He said decision to keep power plants closed in not the solution to the issue of circular debt which amounts to punish masses without any justification. He said government is not ready to settle circular debt which power subsidy has been blocked which has prompted power producers to stop pay the bill of PSO that can result in disruption of oil supply chain in the country. —PPI

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