Pakistan, Jan. 26 -- The Power Division on Monday denied media reports claiming circular debt increased by Rs224 billion between July and November 2025. Officials called the reports misleading, saying they lacked updated data and failed to consult the ministry. The division said seasonal debt fluctuations are normal and expected to normalize by the fiscal year's end.

The ministry clarified that comparing June 2025 debt with November 2025 data is misleading because it covers only three months. It emphasized the bank refinancing agreement in September 2025 was meant for cheaper debt replacement over five to six years. The reports incorrectly linked short-term variations to the refinancing plan.

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