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HomeWORLDDefence Minister declares Pakistan bankrupt as inflation hits record high, IMF bailout...

Defence Minister declares Pakistan bankrupt as inflation hits record high, IMF bailout suspended

Pakistan Inflation: Pakistan’s defence minister and PML-N leader Khwaja Asif has declared the country bankrupt, as it continues to struggle with record-high inflation and an ongoing economic crisis. Speaking at an event in Sialkot, Asif said that Pakistan has already defaulted and that it needs to stand on its feet. The country has been facing an unprecedented economic crisis, with even the price of basic necessities like milk and chicken skyrocketing. Asif criticised the PTI-led Imran Khan government for spewing terrorism in the country and allowing the menace to return to Pakistan.


Prices of basic goods hit an all-time high in Pakistan

Asif’s statement has sparked outrage among members of the opposition, with PTI condemning the PML-N’s regime for bringing Pakistan to a sorry state in just ten months. A video of Asif confessing to Pakistan’s bankruptcy has gone viral, raising concerns about the country’s economic future. The government had secured a USD 6 billion IMF bailout in 2019, which was topped up with another USD 1.1 billion in 2022 to help the country following unprecedented floods. However, the IMF suspended disbursements in November due to Pakistan’s failure to make more progress on fiscal consolidation amid political turmoil.

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Pakistan is bankrupt and has already defaulted on its loans

Despite the ongoing crisis, Asif believes that the solution to Pakistan’s problems lies within the country, rather than relying on foreign aid. He criticised the government for looking towards the IMF for help, instead of finding solutions within the country. Asif’s remarks highlight the growing concerns about Pakistan’s economic future, as the country continues to grapple with rising inflation, high unemployment, and a growing debt burden. The government will need to take immediate steps to address these issues and restore investor confidence in the country’s economy.

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