Federal Finance Minister Miftah Ismail on Tuesday hinted that if the power sector is not run properly, it could sink the country’s economy.
Addressing a ceremony in Islamabad, he said that Pakistani people have appreciated the budget, adding that debt servicing and power sector subsidies are largest cause of excessive budget expenditure.
The Finance Minister further said that circular debt of power sector is 2500 billion and debt of gas sector is 1500 billion while debt of energy sector has reached 4000 billion, this year subsidies of 1100 billion have been given to power sector.
“Pakistan’s billing system is worst in the world, it took me an hour to understand the billing method,” Miftah said.
He added the pricing system in the country is very outdated and 1950’s plants are being run on furnace oil.
