Pakistan In Focus - Economic coordination committee forms panel to settle debt.

The federal government on Wednesday formed yet another committee to settle Rs1.6 trillion circular debt after the Petroleum Division warned that power and gas supplies across the country may be disrupted due to near bankruptcy situation of companies.

The Economic Coordination Committee (ECC) of the cabinet, which decided to constitute the committee, also allowed the reduction of Rs1.5 billion subsidy budget and diversion of the amount to clear liabilities of the Ministry of Religious Affairs and National Accountability Bureau (NAB).

Under the chairmanship of Finance Adviser Dr Abdul Hafeez Shaikh, the ECC approved the...