PSO bailout: Finance Ministry releases Rs 10 billion

Islamabad: (Thursday, August 16, 2012) Ministry of Finance has released Rs 10 billion for urgent financial recovery of an ailing PSO marred by circular debt at the hands of the Independent Power Producers (IPPs). The payment has
been made on demand of the Ministry of Water and Power for the payment of fuel debt.

According to the sources at the Ministry of Water and Power, the Ministry of finance will be paying this amount for the subsidy on electricity given to the consumers.

While sharing his comments on this latest development, MD PSO Naeem Yahya said that this is a small payment as the Ministry of Water and Power owes PSO Rs.225 billion in terms of fuel debts.

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Posted by Fayyaz Yaseen on Aug 16 2012. Filed under Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry