Former FBR Chairman Shabbar Zaidi, while speaking on Pakistan’s economic condition at Hamdard University, said on Thursday that Pakistan is bankrupt at the moment and that the country was not in a state of “going concern” — an accounting terminology referring to a business that is operating and making a profit.
“We keep saying that everything is good, the country is running well, we have achieved great success and we brought tabdeeli (change) but this is wrong,” said Zaidi.
“It is better if you decide first that we have reached bankruptcy and we have to move forward compared to saying everything is running well and I will do this and that. These are all things to deceive the people,” Zaidi said.
After receiving a lot of backlash, Zaidi tweeted, “My speech in Hamdard University is being misreported. There was a presentation of half & hour. Only three minutes have been cherry-picked.”
“Yes I said that with this constant current account & fiscal deficit there are issues of bankruptcy & going concern but look at the solution,” tweeted Zaidi.
Zaidi further wrote, “What I said was with a basis & conviction. I only want to say that whole speech is to read and listened.”
