President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has said that the government should pay proper attention to the power sector which has become unmanageable. He said that this sector has become dysfunctional because of the apathy of the successive governments. Expressing deep concern as the circular debt has crossed the mark of Rs 800 billion, he said that the power sector circular debt has crossed the limit of Rs 800 billion for the very first time in the history of country which has become a threat to the GDP and it is hitting the masses with power outages in the sizzling summer.
Mian Zahid Hussain said that the circular debt has become a big threat to the image, credit rating and economic revival which merits urgent attention of the policymakers. He said that circular debt is hitting industrial expansion, private investment in energy projects and pushing away much-needed investment. He said that emerging situation can hit credit rating of Pakistan while already under threat due to trade gap and current account deficit. He said that circular debt results in loss of productivity in almost all the sectors, increase cost of production, reduce exports and tax collection.