In simple words, the issue of circular debt is related to cash flows in the power sector, which are affected by the performance of the distribution companies (Discos) in terms of their collections and line losses as well as the decisions relating to tariff determination by the regulator (Nepra) and subsidy budgeting

Published in The Express Tribune, 22nd March, 2017

https://tribune.com.pk/story/1361927/pakistans-power-sector-eliminate-circular-debt/