Credibility reduces risk premium.
Without it, even innovative firms struggle to scale.
9. The IPP Debate & Structural Economics
The IPP capacity payment model, particularly take-or-pay contracts indexed to USD returns, contributes to PKR burden under FX volatility. The debate requires technical audit, not populist labeling.
However, persistent structural distortions cannot coexist indefinitely with export ambition.
10. Synthesis: Distortion vs Transformation
The real debate is not:
Cheap energy vs innovation.
It is:
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