The relentless rise of power sector circular debt to nearly Rs1.7 trillion in the first quarter of the current fiscal year is a glaring alarm that stopgap financial measures are failing to cure the sector's diseased core. The Rs79 billion surge from July to September this year reflects the persistent drain that circular debt places on the national economy, demanding urgent and substantial reforms beyond short-term debt shuffling.

The Power Division attributes the recent increase to familiar demons,........

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