We are in a country that has “defaulted,” : Khawaja Asif.

SIALKOT: While Pakistan tries to overcome its economic crisis, Defense Minister Khawaja Asif said on Saturday that the cash-strapped country has “already defaulted.”

At his speech to a convention at a private college in Sialkot, a prominent Pakistan Muslim League-Nawaz (PML-N) leader emphasised: “A default has occurred. We are in a country that has defaulted on its debts.”

Due to the severe economic crisis that has forced several industries to cease operations and pushed millions of people to the brink of poverty, the centre is attempting to get the International Monetary Fund (IMF) on board within the next two days, as depleting reserves and upcoming repayments on external fronts have cornered the government.

Nevertheless, the defence minister said that all answers to the nation’s issues belong inside Pakistan and not with the IMF, whose vital $1.1 billion loan Pakistan is frantically attempting to get.

Pakistan’s economy is in serious trouble, beset by a balance-of-payments crisis as it tries to service massive amounts of foreign debt amidst political instability and worsening security.

As a result of the skyrocketing inflation, the plummeting rupee, and the country’s inability to purchase imports, the sector has suffered a serious downturn.

The precarious position of foreign exchange reserves, which stood at approximately $3.19 billion as of February 10, reflects the plight of a $350 billion economy struggling to fund imports as thousands of containers of supplies were stranded at its ports, halting production and jeopardising millions of jobs.

In accordance with the IMF’s expectations, the fuel price soared to an all-time high of Rs272 per litre, making daily living for the ordinary much more difficult than it previously was.

“Over the last 32 years, I have seen the degradation of Pakistani politics,” remarked the defence minister.

Anything is stated on television has no relation to reality.
Asif said that security personnel were engaged in a battle with terrorists in Karachi yesterday night when militants assaulted the office of the Karachi police chief.

Three terrorists were killed and four individuals, including two police officers and a sub-inspector of the Sindh Rangers, sacrificed themselves during the tense operation that lasted over four hours on Friday evening.

In addition, 18 others, including police and Rangers personnel, were wounded in the terror incident, which came after a suicide strike at a mosque in Peshawar Civil Lines left 84 people dead.

Asif said, without mentioning the Pakistan Tehreek-e-Insaf (PTI), that security forces fought against terrorists yesterday night, as militants were returned and rehabilitated over a year ago.

“Whatever is stated on television has no bearing on reality,” the defence said.