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Apart from the rise in the prices of furnace oil and coal, billions of
rupees are have accumulated as receivable from the federal and
provincial government departments and influential defaulters. The
PML-N government left receivables from defaulters amounting to Rs.
851 billion. According to audit figures compiled a few days ago,
receivables from power defaulters stood at Rs. 729 billion in June
2017, which jumped to Rs. 851 billion by end of April 2018 weighing
heavily on the power sector.
Despite the levy of surcharges and dip in crude oil price a few years
ago, the circular debt in energy chain still poses a threat to the
upcoming government in which the majority of parliamentarians will be
same old horses who are fond of defaulting electricity and gas bills
besides bank loans defaults and waivers. The major factor in the one
trillion rupees circular debt is the capacity charges clause in the
agreements with private sector power producers that were signed in
the second tenure of Benazir Bhutto government. Fair enough the
poor people of Pakistan cannot go to the heaven of democracy at
normal price.