NEW YORK – Prime Minister Shehbaz Sharif on Thursday inaugurated Pakistan’s first-ever comprehensive energy circular debt elimination plan, describing it as a “historic breakthrough” that will pave the way for sustainable reforms in the power sector.
Speaking at the signing ceremony, the prime minister lauded the collective efforts of the government, financial institutions, and the task force for successfully negotiating and finalizing the plan.
Prime Minister Shehbaz Sharif joined the ceremony via video link from New York, while ministers, senior officials, regulators, international partners, and CEOs of power sector organizations attended the event at the Prime Minister’s House in Islamabad.PM Shehbaz Sharif said, “This is the first time in Pakistan’s history that circular debt, which was swallowing our national resources, has been addressed in a structured and effective manner.” The prime minister highlighted the role of the Power Division, the Petroleum Ministry, and the Task Force in resolving longstanding issues. He paid special tribute to former caretaker energy minister Mohammad Ali, Secretary Power, and Lieutenant General (R) Muhammad Zafar Iqbal for their “tireless negotiations with Independent Power Producers (IPPs).”
Acknowledging the financial sector’s contribution, the prime minister praised Zafar Masood, President of the Bank of Punjab, as well as teams from Meezan Bank, Habib Bank, and other commercial banks for their pivotal support. He also commended the State Bank of Pakistan and the Federal Board of Revenue (FBR) for facilitating the plan’s execution.
