KARACHI: The amount of circular debt between different power producing institutions has reached Rs235 billion.
According to sources, it is believed that if the government does not solve the problem on urgent basis than the amount of circular debt could reach Rs300 billion by the end of this year.
Experts say that the amount of debt is continuously increasing between oil marketing companies and refineries on daily basis.
Managing Director Pakistan State Oil (PSO) said that the money owed by other companies to PSO is adding on by Rupees one billion every day.
He said if immediate steps to eliminate the circular debt are not taken than there are high chances of closing down of oil refineries which will halt the oil supply.
Prime Minister Yousuf Raza Gilani has also assured that steps would be taken to eliminate the increasing circular debt between different institutions.
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