ISLAMABAD: Pakistan plans to borrow another 200 billion rupees ($1.44 billion) to help clear power sector debt destabilising the finances of the government and private power producers, Reuters reported on Friday, quoting a senior official tasked with energy reforms.
Pakistan’s economy and society have been racked by a decade of chronic electricity shortages which have crippled its manufacturing industries and stoked voter anger in the South Asian nation of 208 million people.
Electricity shortages have eased in the last 12 months but years of mismanagement and funding shortfalls for subsidies have led to accumulated power sector payment arrears, or “circular debt”, soaring to 1.4 trillion rupees ($10.1 billion)...read more
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