ISLAMABAD:,,, Minister of Energy Musadik Malik has said there will be no further increase in the circular debt at the close of this year.

Addressing a news conference here in Islamabad on Thursday, he mentioned that the circular debt was around 2310 billion rupees at the end of last year.

The Minister said it will be our effort to bring down electricity generation cost, reduce line losses and check power pilferage. Doing so, he said, will help gradually bring down the electricity prices.

Musadik Malik said each public sector oil companies have been directed to establish a separate company for renewable energy. This, he said will help generate cheap electricity and protect environment. He assured that reforms will be carried out in DISCOs to enhance their efficiency.

Responding to a question, Musadik Malik said progress will soon be seen on Iran Pakistan gas pipeline project. He also enumerated steps envisaged by the government for the uplift of rural and urban areas.

He said it has been decided to provide direct subsidy to the farmers on fertilizers. He said provision of high yielding seeds and solar tubewells to the farmers will be ensured in order to enhance the productivity of agriculture sector.

The Minister said loans will also be provided for the establishment of farm industries in order to ensure maximum utilization of fruits and vegetables.

For the urban areas, he said that a plan has been developed to provide IT related training to five hundred thousand youth. He said banks will also be asked to provide loans for the promotion of small and medium industries.