Circular Debt Again

For a number of days, we witnessed the spectacle of independent power producers taking out ads in major newspapers saying their outstanding receivables had jumped to Rs414bn again, and threatening to call in their sovereign guarantees to ensure payment. Now we hear of massive furnace oil stocks piling up at the refineries and ports and other storage depots while offtake plunges.

Published in Dawn, 17th March, 2017

https://www.dawn.com/news/1320932/circular-debt-again