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USC liabilities stand at Rs15.616b: NA told

USC liabilities stand at Rs15.616b: NA told

ISLAMABAD: Parliamentary Secretary for Industries and Production Aliya Hamza Wednesday told the National Assembly that current liabilities of Utility Stores Corporation stood at Rs 15.616 billion due to non-payments by the previous government.
Responding to a question of Member National Assembly (MNA) Ali Gohar Khan during the Question Hour at the floor of the house, she said due to cash flow problem, Utility Stores was unable to pay the vendors in time.
Furthermore, she said Utility Stores was currently in the process of rehabilitation and trying to revive itself by introducing structural changes. At the moment, the corporation was making phased payments to its vendors.
However, it was facing financial crunch and was unable to pay 100 percent of the payments to each vendor in the present situation, she added.
She said the Utility Stores still had to pay Rs 4728 million to the vendors while it had received running finance facility of Rs 4986 million from National Bank of Pakistan at a mark up of 14.36 percent.
It also owed Rs 5902 million to Trading Corporation of Pakistan.
It would receive Rs 18089 million from government on account of subsidy on sugar to be further paid to the Trading Corporation.
Aliya Hamza said Utility Stores Corporation was running into a loss of billions of rupees when the present government came into power. “We are clearing the liabilities of the previous government.”