Steps to solve energy crisis urged

ISLAMABAD - Federal Minister for Finance, Revenue, Economic Affairs and Statistics Senator Ishaq Dar on Monday laid before the National Assembly the second quarterly report for the year 2007-08 of the Central Board of Directors of the State Bank of Pakistan on the state of economy, as required by Section 9A(f) of the State Bank of Pakistan Act, 1956 and the House gave approval to the same.
Later, on a calling attention notice regarding the merger of Punjab Cooperative Bank Limited the Finance Minister Senator Ishaq Dar said that the Bank was running into loss and it was heavily under financed and could not meet the requirements of the State Bank of Pakistan.
Dr Azra Fazal Pechuho, Mrs Yasmeen Rehman and Ms Fouzia Habib said that the said Bank was providing loans to over two lakh farmers and its closure or merger into Punjab Bank would have adverse effect on the agriculture sector.
The Finance Minister said that under the terms and conditions the Government of Punjab had to pay the security money of Rs 8 billion to the State Bank and if it wanted to continue the functioning of the Bank it would require another Rs 3.5 billion as a running capital and that additional financial burden would be on the Punjab Government as well.
He said that if Punjab Government would agree to these terms the Bank could function otherwise either it would be liquidated or merged in the Bank of Punjab.
Later, initiating debate on the water and energy crisis the members from both Treasury and Opposition benches participated and grilled the previous Government for its failure to give some solid policy in this connection.
Most of the Members suggested that the Government should go for the alternative energy resources and use Thar coal and nuclear power plants to meet the power shortage.