ECC hailed for forming body to clear circular debt
LAHORE: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has hailed Economic Coordination Committee (ECC) for constituting a body comprising all stakeholders to prepare a proposal on modalities for clearing circular debt in the power sector.
FPCCI President Mian Anjum Nisar told media that formation of a committee by the ECC is a right step in the right direction, adding that growing circular debt is a continued threat for the government’s recent move of cut in power tariff for SMEs (Small and Medium Enterprises).
He appreciated the recent decision of cut in power tariff for Small and medium-sized enterprises (SMEs); elimination of peak-hour charges from industrial electricity tariffs; 50 per cent discount on consumption of additional units for B1, B2 B3 connections and 25 per cent discount on additional consumptions for industrial connections for 3 years.
He said that it will boost productivity, lower costs, encourage manufacturing, enhance exports and generate employment.
“We express confidence in government policies and assure to continue to work with it for the prosperity and economic development of the nation,” he added.
The power sector circular debt issue may be considered holistically and a solution may be worked out to resolve the issue without escalating electricity cost. - APP