Circular debt to be cleared by August 20: Finance Minister

Minister for Finance and Revenue, Ishaq Dar on Friday reiterated that the government would clear all the circular debt before the deadline of August 20 as the transaction of over 322 billion debt return to private companies was continuing.

“Transaction of returning Circular Debt to the private sector companies is continuing and banks are paying off Rs.322 billion to these companies,” he told the National Assembly.

He expressed the hope that with this about 1700 megawatt electricity would come into the national grid system and help mitigate load-shedding immediately.

The Minister apprised the National Assembly that the Economic Coordination Committee has decided to procure another 100,000 tons of sugar and the Trading Corporation of Pakistan (TCP) has been directed to procure and release the said quantity of sugar to the Utility Stores Corporation (USC) to meet requirement in the holy month of Ramadan.

Speaking on a point of order, the minister informed the house about the decisions made by ECC and said that the committee has approved Ramadan Package worth Rs.2 billion.

He said that essential items including flour, ghee, oil gram pulse, bhasin, dates, rice, sugar, pulses and other such items would be available at all outlets of utility stores on reduced rates.

“10% to 30 % concession would be provided on these products as compared to the market prices,” he added.

Meanwhile, the finance minister also laid before the parliament the papers of schedule of authorized expenditure 2013-14, supplementary schedule of authorized expenditure 2012-13 and also laid excess schedule of Authorized Expenditure 1990-91, 1992-93, 1994,95, 1997-98 and 2001-02.

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Posted by Tahir Khan on Jun 28 2013. Filed under Latest News, National, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.