World News | Pakistan ‘already in default’: Defense Minister Asif

ISLAMABAD, Feb 19 (PTI) Defense Minister Khawaja Asif said Pakistan has defaulted on the looming fears that the cash-strapped state could go bankrupt, blaming the establishment, bureaucracy and politicians for the current economic crisis.

Speaking at a ceremony in his hometown of Sialkot, he said self-reliance was crucial for Pakistan to stabilize itself.

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“You must have heard that Pakistan is going bankrupt or is defaulting or collapsing. It (default) has happened. We live in a bankrupt country,” he was quoted as saying by the Express.

“The solution to our problems lies domestically. The IMF has no solution to Pakistan’s problems,” he said.

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He said everyone – including the establishment, bureaucracy and politicians – was responsible for the current economic chaos due to Pakistan’s failure to abide by the laws and constitution.

The minister said he had spent most of his life in the opposition camp and had seen political disgrace over the past 32 years.

Asif lashed out at the previous government, saying terrorists were brought to Pakistan two-and-a-half years ago and ultimately led to the current wave of terrorism.

Referring to Friday’s attack on the Karachi police station, he said the security agency fought bravely against the attackers.

The remarks come as the country faces a deep economic crisis, with decades of high inflation and very low foreign exchange reserves depleted by ongoing debt repayment obligations, the report said.

Pakistan’s foreign exchange reserves are slightly over $3 billion, hardly enough for 10-15 days of imports.

(This is an unedited and auto-generated story from a Syndicated News feed, the body of content may not have been modified or edited by LatestLY staff)