Pakistan is already bankrupt, with the country’s Defense Minister Khawaja Asif blaming the bureaucracy, establishment and politicians for its current situation, saying an International Monetary Fund (IMF) bailout is not the solution for the cash-strapped nation.
The minister made this statement during a program in his home town Sialkot.
The Express Tribune newspaper quoted him as saying, “You must have heard that Pakistan is going bankrupt or defaulting or having a meltdown. It (default) has already happened. We are living in a bankrupt country.”
He said, “The solution to our problems lies within the country. The IMF does not have the solution to Pakistan’s problems.”
This statement of the Defense Minister has come when Pakistan’s weekly inflation rate is touching 39 percent.
The country, which is facing its worst economic crisis, is facing shortage of essentials like fuel, food and energy.
Pakistan is seeking an IMF bailout for the ninth time, however, the deal is deadlocked amid tough conditions put forward by the funding authority.
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