ISLAMABAD: The national exchequer had to bear Rs 56 billion losses as the Power and Water Ministry failed to pay the amount to Pakistan State Oil due to which the public entity once again went in financial crisis. Sources told Daily Times that PSO administration wrote a letter to the Power and Water secretary in this regard. They added that the letter disclosed that due to the non-payment of billions of rupees to PSO regarding furnace oil, the company has suffered a 2014-like financial crisis. Due to the late payment, the ministry will have to pay fine as well, because the ministry vowed that Rs 8 billion will be paid to PSO in September, but it failed miserably, sources said. PSO officials made it clear that if payments were not made then the supply of furnace oil and other fuels can be affected. The letter reads that the overall receivables of PSO have reached Rs 210.8 billion. “We had been intimated by the ministry of water and power that the said deficit balance will be cleared in September 2016, however, the outstanding deficit still exists. Hence we request funds be allocated in PSO in this regard,” the letter added. “The PSO management complained that no payment has been made during the first quarter of the current financial year against late payment surcharge claims as assured by Secretary of water and power during the meeting, allocate Rs 3 billion during this quarter against LPS to meet interest payments to banks on over draft obtained to finance the above mentioned amount,” the latter further read. Sources said the national exchequer had already borne Rs 7 billion losses due to late payment by the ministry and in the current financial year the ministry once again failed to fulfill its responsibility.