Categories: India

Pakistan has gone bankrupt, says country’s former revenue board chief

<p>
In a major embarrassment to the Imran Khan government, former chairman of Pakistan’s Federal Board of Revenue Shabbar Zaidi has stated that the country has gone bankrupt, and all claims that the nation has achieved great economic success are “wrong.”</p>
<p>
In a wide-ranging speech at a university in Karachi, Zaidi said, "We keep saying that everything is good, the country is running well, we have achieved great success and we brought tabdeeli (change) but this is wrong. In my view, the country is, at the moment, bankrupt and not a going concern.</p>
<p>
"It is better if you decide first that we have reached bankruptcy and we have to move forward compared to saying everything is running well and I will do this and that. These are all things to deceive the people," Zaidi said.</p>
<p>
A video clip of his speech was shared widely on social media and reported in all prominent Pakistan dailies.</p>
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">
Pakistan has gone Bankrupt , according to former Federal Board of Revenue (FBR) chairman Shabbar Zaidi.<br />
<br />
He further said that the PM Imran Khan government's claims of the country doing very well and achieving great were all wrong. <a href="https://t.co/xA3zY8MyAo">pic.twitter.com/xA3zY8MyAo</a></p>
— MeghUpdates🚨™ (@MeghBulletin) <a href="https://twitter.com/MeghBulletin/status/1471494186306134033?ref_src=twsrc%5Etfw">December 16, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script><p>
He also said changes were required in the National Finance Commission Award (NFC) such as the incorporation of the Provincial Finance Commission Award. "The problem in Pakistan is that money doesn't go beyond the NFC and corruption occurs there," he said.</p>
<p>
The second issue he pointed out was the lack of documentation in the economy.</p>
<p>
Zaidi also called for transparency in the China-Pakistan Economic Corridor (CPEC) project, saying that he himself had not yet fully understood what it was. He lamented about confusion over which projects were part of CPEC.</p>
<p>
However, after triggering a media storm,  Zaidi later said his speech was being "misreported", adding that he had given a presentation of 30 minutes, of which only three were "cherry-picked".</p>
<p>
In a tweet, he said: "Yes I said that with this constant current account & fiscal deficit there are issues of bankruptcy & going concern but look at the solution."</p>
<p>
He said his statement had been made on a "basis & conviction".</p>
<p>
At the same time in another tweet later on Thursday, the ex-FBR official said that Pakistan's total foreign debt stood at over $115 billion while its current account deficit was between $5 to $8bn.</p>
<p>
"When we will be able to pay that debt? It is better to recognise the reality then living in illusion. We need to have a reality check," he added.</p>
<p>
<strong>Also read: <a href="https://www.indianarrative.com/opinion-news/sri-lanka-serves-kick-in-teeth-for-pakistan-prime-minister-imran-khan-72109.html">Sri Lanka serves cold dish to Pakistan Prime Minister Imran Khan</a></strong></p>

IN Bureau

Recent Posts

“Hit bases deep inside Pakistan, penetrated their defences,” CDS Gen Anil Chauhan on success of Op Sindoor

India decisively asserted its military superiority over Pakistan during this month's brief but intense conflict,…

21 hours ago

PoGB: GB protesters block Karakoram Highway amid Khunjerab trade halt

Trade associations and local business groups in Pakistan-occupied Gilgit-Baltistan (PoGB) launched an indefinite protest on…

23 hours ago

Bangladesh minority group condemns the attacks on minority areas

A human chain and protest march was organized by various organizations in front of the…

23 hours ago

“Expanding our security partnerships with India”: US Defence Secy Hegseth; bats for enhancing QUAD cooperation

The United States on Saturday announced the expansion of its security partnerships with India through…

23 hours ago

India self-reliant during Op Sindoor; Pak leveraging Chinese sources: CDS Gen Anil Chauhan

Highlighting the use of indigenous platforms during Operation Sindoor, Chief of Defence Staff (CDS) General…

1 day ago

Colombia withdraws statement for Pakistan, will issue strong support for India: Shashi Tharoor

Congress MP Shashi Tharoor on Friday (local time) said that Colombia will issue a statement…

1 day ago