Finance Minister Ishaq Dar has formulated a committee on circular debt settlement plan for gas sector companies.
According to the notification issued by the Finance Division, Ashfaq Tola will be the convener of the committee.
Federal Finance Minister has constituted a committee for the settlement of circular debt in Gas sector which will submit its recommendations in 10 days. pic.twitter.com/ChNm0rwKrz
— Ministry of Finance, Government of Pakistan (@Financegovpk) December 21, 2022
Under the terms of reference (TORs), the committee will undertake a detailed mapping of gas sector circular debt (CD) stock as of 30th June 2022, segregating the principal amount of debt, LPS, penalties, and LDs among the under-reference Public Sector Entities of Petroleum and Power Sectors.
The committee will work out a comprehensive circular debt settlement plan through cash/non-cash releases/adjustments. It will also identify legal and procedural requirements to implement of circular debt settlement plan. The committee will submit its recommendations within 10 days.
It is pertinent to mention here that the circular debt of the gas sector has reached Rs. 1,400 billion.
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