Circular Debt: Are We Measuring the Right Problem?
Pakistan’s circular debt debate often begins and ends with one number: the stock outstanding at the end of the financial year. But that number, important as it is, does not tell the whole story.
October 01, 2026 (MLN): Pakistan’s circular debt debate often begins and ends with one number: the stock outstanding at the end of the financial year. But that number, important as it is, does not tell the whole story. The more important question is what happened during the year. How much financial pressure entered the system? What caused it? How much was paid, adjusted or settled? And, most importantly, are the und...