Briefing the Senate, Umar said that a plan is in the making that will be finalized in next one or two weeks and then it will be presented before the Parliament for discussion, he added, reported local media. Talking about approaching the International Monetary Fund (IMF) for bailout, Asad maintained that the decision will be taken after taking the parliament on board. Earlier, the finance minister who chaired the Economic Coordination Committee (ECC) meeting, has sought suggestions from various relevant departments on how to deal with the circular debt estimated at 1178 billion rupees, out of which 582 billion rupees is parked in the Power Holding Private Limited (PHPL) under Syndicated Term Finance Facility arrangements with interest added on as tariff and paid for by the consumers. In July 2018, during the tenure of the caretakers, 30 billion rupees was added on as circular debt and banks were requested to extend a 50 billion rupee loan, however, banks refused claiming they were already over exposed to the sector. And to further take the energy supply situation to a critical level, Pakistan State Oil (PSO) is facing the prospect of a default due to receivables of over 300 billion rupees that would compromise its ability to open letters of credit.