Debts, liabilities of Wapda soar to Rs 55.8 billion

The debts and liabilities of Water and Power Development Authority (Wapda) have reached Rs 55.8 billion in June 2016 due to borrowing of 55 billion for payment of Net Hydel Profit (NHP) to KPK and Rs 30 billion for Neelum Jehlum Hydropower project. According to the data of State Bank of Pakistan (SBP) recently posted on its website debts and liabilities of Wapda were Rs 18.9 billion in June 2015, which rose to Rs 16 billion in Q1FY16, Rs 14.4 billion in Q2FY16 and Rs 13.6 billion in Q3FY16 and reached Rs 55.8 billion in Q4FY16.
Business Recorder asked Wapda to explain the factors which led to an increase in its debts and liabilities manifold. Wapda officials responded that Wapda raised Rs 25 billion from Meezan Bank to pay NHP amount to KPK government. In addition, Wapda also raised Rs 30 billion from National Bank of Pakistan (NBP) led consortium.