Pak Defence Minister Admits Country Has Gone Bankrupt Amid High Inflation & Economic Crisis

Amid the deep economic crisis in Pakistan, the country's Defence Minister Khawaja Asif has acknowledged that the nation has already gone bankrupt. "Pakistan has already defaulted and we are living in a bankrupt country. Everyone including the establishment, bureaucracy, and politicians are responsible for it. The solution to our problems lies within the country. The IMF does not have the solution to Pakistan's problems."

Vanya GautamUpdated: Feb 20, 2023, 16:36 IST
3 min read
Pakistan Defence Minister Confesses Country Is Already Bankrupt
reuters

Amid the deep economic crisis in Pakistan, the country's Defence Minister Khawaja Asif has acknowledged that the nation has already gone bankrupt.

"We Are Living In A Bankrupt Country"

"Pakistan has already defaulted (on loans) and we are living in a bankrupt country. Everyone including the establishment, bureaucracy, and politicians are responsible for it. The solution to our problems lies within the country. The IMF does not have the solution to Pakistan's problems," Khwaja Asif said while addressing a convocation event in Sialkot.

Pakistan Defence Minister oneindia

Pakistan's Defence Minister is suggesting that one-fourth of Pakistan's debt could be paid off if only two golf clubs built on expensive government land are sold.

Asif blamed the establishment, bureaucracy, and politicians for the current economic situation and said that in his 33 years in Parliament, he has witnessed the country's politics being disgraced for 32 of those years, as per ET.

Asif also said that Prime Minister Shehbaz Sharif will announce major austerity measures in all government institutions to control the fiscal deficit by minimising government expenditures.

Also Read: Pakistan Imported 2,200 Luxury Cars Amid Economic Crisis

Rising Inflation Worsens The Crisis

Inflation in the crisis-hit Pakistan has hit another high. The yearly inflation hit a new high as it surged to 38.42 per cent this week in cash-strapped Pakistan as hikes in the prices of essential commodities continued to rise.

pakistan inflation afp

Pakistan is trying hard to contain inflation in the last few weeks, but with little success. The recent hike in inflation comes even as the Pakistan government imposed new taxes and increased petroleum prices to fulfil the demand of the International Monetary Fund (IMF) before releasing USD 1.1 billion dollars under an already agreed $7 billion deal.

Pakistan authorities during the outgoing week shocked people by imposing new taxes to raise Rs 170 billion through a mini-budget bill, as per the report. This includes a 10% advance adjustable income tax proposed to be charged from the persons on the Active Taxpayers List (ATL) and 20% for non-ATL of the amount paid for social functions and gatherings.

Panic After Delayed IMF Deal

imf shutterstock

Pakistan is in panic after the IMF team that came to negotiate the details left without reaching a final agreement last week. Even though Finance Minister Ishaq Dar and Prime Minister Shehbaz Sharif agreed to all the preconditions. And now Pakistan increased the petrol price which is increasing the burden on a breadwinner.

IMF's statement on the talks underscored the gaps despite the progress made on the measures to remedy domestic and external imbalances. "The IMF's carefully crafted, short concluding statement on the 10-day loan talks further underscores these gaps, despite the "considerable progress" on measures to remedy domestic and external imbalances," Islam Khabar quoted Dawn's editorial.

Also Read: '2023 Will Be Worse Than 2022,' Says IMF's Gita Gopinath

For the latest and interesting financial news, keep reading Indiatimes Worth. Click here.

22/11/2024 11:48:20
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