Prime Minister Gilani directs payment of 25 billion to Pakistan State Oil and other oil companies by September 15, 2011

Islamabad: Prime Minister Syed Yusuf Raza Gilani has directed the Ministry of Finance and Water and Power to pay Rs. 25 billion to PSO and IPPs by September 15, 2011 enabling them to generate electricity to the maximum capacity so that people are subject to minimum loadshedding during the Eid holidays.

The Prime Minister was chairing a meeting of High Power Committee which was attended by Minister for Finance, Dr. Abdul Hafeez Shiekh, who is the Chairman of the Committee, Minister for Water and Power, Syed Naveed Qamar, Acting Governor State Bank, Mr. Yaseen Anwar and top Officials of the M/o Finance, Planning Division, Water and Power and Petroleum and Natural Resources.

The Prime Minister directed the Committee to immediately resolve the issue of circular debt which is the major hurdle in the electricity generation by the IPPs in their full capacity resulting in unbearable burden of loadshedding for the people and the industry alike.

The Finance Minister informed the Prime Minister that the High Power Committee will submit its recommendations to the Cabinet next month, the implementation of which will address the unscheduled loadshedding thoroughly and comprehensively to a great extent.

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