Govt successfully completes six actions to cut circular debt: Omar
Govt successfully completes six actions to cut circular debt: Omar

ISLAMABAD: Federal Minister for Economic Affairs Omar Ayub Khan said that Pakistan successfully completed six actions to reduce circular debt flow through reducing power generation costs, decarbonising energy mix, improving efficiency, and retargeting electricity subsidies under Program for Affordable and Clean Energy (PACE-I).

The minister took to Twitter and appreciated the World Bank for disbursing US$ 397 million under Program for Affordable and Clean Energy (PACE-I).

The minister expressed that government’s efforts for economic reforms are being recognised by the international financial institutions (IFIs) and the international community.

He stated, “Pak successfully completed six actions to reduce circular debt flow through reducing power generation costs, decarbonising energy mix, improving efficiency and retargeting electricity subsidies under PACE”.

This inflow would also help to strength forex reserves and exchange rate.

The World Bank disbursed this budgetary support loan of US$ 397 million last night, he added.

Keeping in view the current exchange rate position, it would help to stabilise exchange rate, especially PKR versus USD.

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