ISLAMABAD: Pakistan Economy Watch President Dr Murtaza Mughal, while addressing the Chamber of Small Traders Islamabad (CSTI), alleged that officials concerned ignored plight of PSO despite record receivables of Rs235 billion, adding that the power sector circular debt hitting a record mark of Rs600 billion.
While talking to CSTI Patron Shahid Rasheed Butt and members of business community, Dr Murtaza said that wrong decisions of the bureaucracy are behind the petrol crisis which has made life difficult for millions and hit economy. Those who failed to take corrective measures in time should be asked to give reasons for the disaster, he said.
Dr Murtaza Mughal said that PSO started defaulting on its obligations in November 2014 and the institution faced refusal by the banks for any loans. In the same month faced fine of Rs250 million by banks, Rs180 million demurrage charges and damages claim to the tune of Rs65 million by foreign oil suppliers but it was not enough to get attention of the policymakers. Unfortunately, the indifferent attitude of authorities helped circular debt engulf whole country, punish masses and hurt limping industry which should be probed.
