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Sunday, May 19, 2024

Pakistan rapidly heading towards ‘default’: Shabbar Zaidi

Former Chairman FBR Shabbar Zaidi has said that Pakistan is heading rapidly toward economic default unless the government takes immediate measures, ARY News reported on Monday.

The Ex-Chairman Federal Board of Revenue (FBR) Shabber Ziadi warned that the country is heading toward bankruptcy. He said the Pakistan Muslim League Nawaz (PML-N) government has to make big decisions in the coming week.

He said that the country does not has any other option than going to the International Monetary Fund (IMF), and the government will have to comply with its conditions.
The former FBR chief said that the PML-N took charge without any homework; now, they are trapped.

He added that the PML-N government has been wasting time, pushing the county into a deeper economic crisis. He said it looks like the government would last only a few more days.

Read more: Did Pakistan economy really progress under PM Khan?

Taking to Twitter, he said, “Pakistan was effectively bankrupt on June 30, 2018 after 30 years’ of this coalition. Had current account deficit of $ 15 bn plus. Facts are facts. Imran Khan made corrections in 2019-22.However IK could not make total corrections This blame game to be over. Save Pakistan. Public mandate.”

“IK corrected current account deficit in 2019-21. Managed COVID reasonably well.Was on tack with IMF before chaos of VONC. No major economic error made. Handled Rekodiq. They”Wrong in delaying civil service reforms, not reducing the size of Federal Govt & deferring documentation.”

“Is it not shameful for a nuclear state of 220 million people to beg from IMF, Saudis, UAE & Chinese in this manner? Why are we in this state? This needs introspection. It is to be identified if there is some generic defect or wrong narrative since 1947. Need for reality check,” he said earlier.

Earlier, PML-N leader Shahid Khaqan Abbasi said that the economic crisis was way worse than anticipated.

Read more: Dollar soars to Rs192.20 in an all-time high

The former Premier said that the previous government borrowed loans, damaging the entire economic system. “Why should the current government pay for PTI’s follies,” he questioned.