ISLAMABAD: The Cabinet Committee on Energy (CCoE) Monday approved the summary presented by the Power Division to ensure effective management of circular debt.

The CCoE which met here with Federal Minister for Planning, Development, and Special Initiatives Asad Umar in the chair, discussed the summary of comprehensive Circular Debt Management Plan (CDMP) 2021 which covers the three year period from Financial Year 2020-21 to 2022-23, which describes the mechanism and initiative to address the issue and suggests an action plan to control the flow of circular debt with a monitoring matrix.

The committee also discussed the need for fast-tracking action for implementation of Renewable Energy Policy approved by the government. The committee directed the Ministry of Energy to expedite the auction process of renewable energy projects to ensure greater use of renewable energy resources.

The meeting was attended by Energy Minister Omar Ayub Khan, Minister for Finance Dr Abdul Hafeez Sheikh, special assistant to the prime minister on petroleum at petroleum division Nadeem Babar, special assistant to the prime minister on power revenue and official of various ministries/divisions.

Copyright Business Recorder, 2021