ISLAMABAD, AUG 28 (DNA) –Islamabad Women Chamber of Commerce and Industry (IWCCI) on Sunday expressed serious concern over escalating power sector circular debt which has crossed mark of Rs684 billion for the very first time in the history of Pakistan.

During 2012 the PPP government blamed high oil prices for the circular debt which were around 109 dollars per barrel while in 2013 the PML-N led government paid Rs480 billion to claim that the circular debt has been buried forever, it said.

However, both the claims proved false as circular debt has resurfaced despite the oil prices hovering around 45 dollars per barrel, said Tabassum Anwar, Chairperson of IWCCI Standing Committee on Trade and Industry.

She said that the debt despite low oil prices is result of mismanagement which has become a threat to local and foreign investment in the power sector which has compromised GDP growth.

Tabassum Anwar also expressed concern over falling remittances which has registered a fall of twenty percent in the month of July. She said that remittances from Saudi Arabia may fall by two billion dollars, from six billion dollars to four billion dollars as hundreds of thousands of Pakistani workers working there have been fired

Remittances from UK has been reduced by 38 percent due to Brexit while the remittances from USA have also registered fall of 34 percent but policymakers are not concerned about it, she added. DNA

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