Pakistan is bankrupt, IMF is not the solution: defence minister

Islamabad: Pakistan's defence minister Khawaja Asif said the country is bankrupt and has already defaulted. He also blamed the politicians and bureaucracy for the economic crisis.

"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," he said while speaking to the public in his hometown Sialkot.

He further said that the solution lies within the country itself and not the IMF. "Standing on one’s own feet was essential to become a stable country," reported The Express Tribune.

The minister also drew attention to the economic mess and blamed it on the law and Constitution not being followed. He said most of his time had been spent in the opposition camp and that he has witnessed politics being disgraced for the past 32 years. He also lashed out at the former PTI government and said terrorists were brought to Pakistan two and a half years ago which eventually resulted in the current wave of terrorism.

Pakistan has been dealing with record-high inflation and critically low foreign exchange reserves. The government has banned imports which have led to the manufacturing sector collapsing and factories being shut down. Millions of people have lost jobs and are struggling to meet regular needs.