ISLAMABAD Prime Minister Syed Yousuf Raza Gilani has emphasised that all the stakeholders, particularly the Provincial Governments, should honour their commitments made during the Energy Summit and pay their outstanding dues of electricity to help reduce the circular debt. The Prime Minister was chairing a special meeting held here Tuesday afternoon at the PMs House to review the circular debt situation arising out of the pending payments to PSO (Pakistan State Oil). The Prime Minister decided to provide an immediate financial relief to PSO amounting to Rs 41.4 billion. The Ministry of Finance would arrange an amount of Rs 31.4 billion while PEPCO would pay the rest of the amount i.e. Rs 10 billion. The Prime Minister directed the concerned ministries and organisations for closer coordination among all the stakeholders including the Provincial Governments within the next few days to resolve the circular debt issue lest it should lead to any crisis. The circular debt, he said, should be regularly monitored on a daily basis and the dues of different organisations including Provincial Governments be settled. Earlier, the Minister for Petroleum & Natural Resources briefed the meeting about the gravity of the situation arising out of delay in payments to PSO by various power companies. The Minister for Water & Power apprised the meeting of the delay in payments by the Provincial Governments that was against the commitment made during the Energy Conference. He also informed about the recoveries made by PEPCO so far from various organisations. He further opined that the issue of circular debt could only be resolved if the gap between the cost of production and the price of electricity was bridged. The Minister for Finance assured that the amount due against the Federal Government as per the Energy Summit decision would be cleared within the next few days. MD PEPCO Tahir Basharat Cheema informed that PEPCO would be able to partially clear the PSOs bills from the recoveries made so far and likely to be made till the end of this month. The meeting was also attended by Minister of State for Finance and Economic Affairs Hina Rabbani Khar, Secretary Finance, Secretary Water and Power, and Additional Secretary Petroleum and Natural Resources.