Pakistan News

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  • Sewage on Circular Road irks BVH patients

    BAHAWALPUR: Sewage has submerged parts of the Circular Road opposite Quaid-i-Azam Medical College and Bahawal Victoria Hospital (BVH), creating nuisance for the owners and visitors of medical stores...

    The problem has been triggered by overflowing manholes in the Bund Road locality where the Public Health Engineering Department (PHED) is laying new sewerage from the Derawari Gate to Bahawalpur Zoo...

  • Circular debt has nothing to do with budget, says Dar

    ISLAMABAD: After doling out over Rs480 billion to settle the circular debt in his first budget two years ago, Finance Minister Ishaq Dar said on Saturday that circular debt had nothing to do with the budget and hinted at withdrawing tax exemptions for influential people drawing salaries from the national kitty...

    Mr Dar had claimed credit for settling a huge circular debt in the 2013 budget to reduce fiscal deficit from 8...

  • Ecnec approves revival of Karachi Circular Railway under CPEC

    ISLAMABAD: The Executive Committee of the National Economic Council (Ecnec) on Friday approved nine development projects at a cost of Rs311 billion, including the revival of the Karachi Circular Railway (KCR), which will be constructed under the China-Pakistan Economic Corridor (CPEC) framework...

    The participants in the meeting also approved the construction of Rathoa Haryam Bridge and approaches across the reservoir channel on...

  • PM assures Sindh govt of Karachi Circular Railway approval

    KARACHI: Prime Minister Shahid Khaqan Abbasi has assured Sindh Chief Minister Syed Murad Ali Shah that he would ensure approval of the Karachi Circular Railway (KCR) project by the Executive Committee of the National Economic Council (Ecnec) as it has already been included in the China-Pakistan Economic Corridor (CPEC) projects...

  • The circularity of circular debt

    The power sector has been reeling under the impact of what we call circular debt since 2007- 2008...

    Resultantly, circular debt is growing in scope and density which, in turn, has threatened the integrity of the energy sector...

  • Govt, IMF agree plan to end Rs600bn circular debt

    ISLAMABAD: Pakistan and the International Monetary Fund (IMF) have agreed on a plan to end the power circular debt through tariff hike and privatisation...

    There was a consensus to eliminate over Rs600 billion circular debt in three years by increasing the allowance of losses in electricity tariff adjustments and privatisation of power distribution companies...

  • Circular debt plan

    THE government has agreed with the IMF to implement a plan to reduce the circular debt next year to reportedly half of what it is today...

    The circular debt has been a millstone around the neck of the power sector for almost a decade now, and this is not the first time that the government has announced its intention to reduce it...

  • Circular debt touches Rs800bn: Pepco

    ISLAMABAD: The power sector has resumed building circular debt after an initial freeze that came about following a historic dip in international oil prices, improvement in bill collection and slight reduction in system losses...

    “All these achievements as well as a historic drop in oil prices helped keep the power sector’s circular debt within the range of Rs320-330bn from December 2014 to June 2016,” the ECC was informed...

  • Circular debt once again crosses Rs400bn mark

    The PAC was informed that Pakistan's circular debt currently stands at Rs402...

    It is worth mentioning here that the incumbent government had paid off Rs480 billion in outstanding dues when it assumed power in a bid to control the spiralling circular debt issue...

  • Rs480bn circular debt case referred to FIA, NAB

    ISLAMABAD: The Senate Standing Committee on Finance on Tuesday decided to refer the case of payment of Rs480 billion to settle the circular debt to the Federal Investigation Agency (FIA) and National Accountability Bureau (NAB)...

    The one-time spending of Rs480bn to clear circular debt was made in early days of the current government that assumed power in 2013...

  • PM orders audit of circular debt claims

    ISLAMABAD: Prime Minister Nawaz Sharif on Tuesday ordered a special audit of fresh circular debt claims of Rs480 billion and third-party analysis of the power demand-and-supply situation on the basis of projects that are coming up for commercial operations...

    He also asked the authorities to re-verify the amount of circular debt from third-party auditors to ascertain claims attributed to fuel payments, line losses and other...

  • No commitment made to IMF on gas tariff hike, circular debt recovery: Dar

    ISLAMABAD: The government has made no commitments with the International Monetary Fund (IMF) to increase gas tariff or to recover power sector’s circular debt from consumers through electricity bills, Finance Minister Ishaq Dar said on Saturday...

    “There is no truth in reports that we have made any such promise,” he told a press conference, referring to statements from political parties that the government, during recent talks with...

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