No loans were taken to clear Circular Debt, Senate told

December 4, 2013 Off By Web Desk

Islamabad: The Senate was informed Wednesday that no loans were taken to clear circular debt amounting to 500 billion rupees.

Minister of State for Privatization Khurram Dastagir Khan on behalf of the Finance Minister told the House during question hour that said transactions such as issuance of five years Pakistani investment bonds and cash payment out of federal consolidate fund were carried out to settle to settle the power sector circular debt.

He said in the first phase a payment of 341 billion rupees was transparently made to 31 entities.

The State Minister said that payment of circular debt helped increase electricity generation and set the wheel of economy into motion.

Earlier the Senate resumed its session with Deputy Chairman Sabir Ali Baloch in the chair.