WAPDA registers 9pc rise in revenue

LAHORE: The Water and Development Authority (WAPDA) has realised nine percent more revenue from power selling in the first six months of this year than the corresponding period last year, said an official in a briefing to the Federal finance minister.

Federal Finance Minister Shaukat Aziz visited WAPDA House on Friday and appreciated WAPDA’s overall performance and said WAPDA was the backbone of the national economy and was a very important component in the economic growth.

The Federal Finance Minister gave assurances that the government would help WAPDA recover arrears from the public sector. He said the government wanted to make WAPDA a successful entity. Mr Aziz said he expected a greater role for WAPDA in national development, which could serve as a vehicle for economic growth.

The minister was given a detailed briefing on WAPDA’s affairs. He was updated on the implementation of the Revised Financial Improvement Plan, Power Wing Restructuring Programme and Proposed Financial Recovery Plan and was informed that these programmes were progressing according to the time schedule. He was also informed that the line losses had decreased and 6,300 villages would be electrified this year. Mr Aziz was told that the arrears from the public sectors have gone up, however, recovery was satisfactory from the private consumers.

WAPDA Chairman Tariq Hamid, members and other senior officials attended the briefing. Securities and Exchange Commission Chairman Dr Tariq Hassan, Finance Secretary Navid Ahsan and Asif Bajwa, corporate finance joint secretary, accompanied the minister. —Staff Report

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