Pakistan’s energy dilemma is not a recent development. Decades of inadequate infrastructure investment, dependence on imported fuels, line failures, theft, and late payments across the supply chain are its main causes. Fundamentally, power distribution companies (DISCOs) incur cyclical debt when they are unable to collect full payments from customers as a result of theft and inefficiency. These deficiencies lead to unpaid invoicing from power generators, which delays fuel supplier payments. This ultimately results in a vicious circle of mounting liabilities that choke the sector.
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