Pakistan Economic Crisis: Country is already bankrupt, says Defence Minister
New Delhi, February 19: Pakistan’s defence minister Khawaja Asif said that the country has gone bankrupt, and everyone including the establishment, bureaucracy, and politicians are responsible for it. He was addressing a ceremony in his home town Sialkot, when he said this.
He later said that the country faces a crippling economy, it is in decades-high inflation — prices of milk and chicken at Rs 250 per litre and Rs 780 per kg. Pakistan is in a critically situation with low foreign exchange reserves depleted by continued debt repayment obligations. The bankrupt situation is haunting Pakistan.
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"You must have heard that Pakistan is going bankrupt or that a default or meltdown is taking place. It (default) has already taken place. We are living in a bankrupt country," Asif said.
To get rid of the bankrupt situation also lies within the country, he further said. Later he emphasised that IMF does not have the solution to Pakistan's problems. He said that everyone including the establishment, bureaucracy and politicians are to blame for the current economic mess as the law and Constitution are not followed in Pakistan.
Pakistan's $3.19 billion in foreign currency reserves mean that the nation is unable to fund imports, stranding thousands of containers of supplies on its ports and stalling production, putting jobs at risk. An inflation that's also at the fastest in almost half a century is putting many goods out of the public's reach.
Earlier, the inflation has hit a new high of 38.42 per cent in the outgoing week in Pakistan as the trend of the hike in the prices of essential commodities continued to rise.
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- ANI
