YESTERDAY's Nation carried an alarming news item about a massive liquidity crunch of Rs 226 billion the Pakistan Electric Power Company was facing and that was well set to get worse touching Rs 402 billion. At the same time, the dues that were outstanding to Independent Power Producers had reached over Rs 127 billion from Rs 71 billion. The most incomprehensible aspect of the story is the alleged official listlessness in addressing the issue, despite the PEPCO's claim that it had been constantly warning the government of the deepening crisis. The federal cabinet that had been given a presentation on the subject somehow did not do anything to bail the PEPCO out at a recent meeting. In a desperate attempt to improve matters, the PEPCO has gone on the offensive directing all distribution companies to cut off power connections of all defaulters on the expiry of 10 days' notice. With so many government institutions on the list of defaulters, the PEPCO might find it hard to recover dues. The situation has come to such a pass that a thorough review of the government's financial and economic policies can no longer be put off.