Defense Minister Khawaja Asif's statement, is Pakistan really bankrupt?

Defense Minister Khawaja Asif's statement is Pakistan really bankrupt Pakistan's Defense Minister Khawaja Muhammad Asif has said that the country is bankrupt and we are living in a bankrupt country whose responsibility is the establishment, bureaucracy, and politicians.

After this statement, there is a lot of uproar in the media and economic circles. While this statement by an important federal minister is being taken very seriously, economic experts are surprised that while talks are ongoing with the IMF and other countries, a mini-budget has also been brought on terms.
Urdu News has spoken to former finance ministers and economic experts regarding the statement, who say that Khawaja Asif's statement is unnecessary and completely contrary to facts.

Is Pakistan bankrupt?

Foreign exchange reserves with the State Bank of Pakistan (SBP) have reached $3.19 billion after an increase of $276 million. The country's total liquid foreign reserves have reached $8.7 billion, while the net foreign reserves held by commercial banks are $5.51 billion.

Reserves of the State Bank increased by 276 million dollars to 3 thousand 192 million dollars.
Former finance minister Dr. Salman Shah said in a conversation with Urdu News that 'in general, any country is called bankrupt when it is unable to pay its external debts or the sukuk or bonds it has sold in the international market. Not being able to repay interest or principal.'

According to him, Pakistan's financial situation is definitely difficult at the moment but it has made all the due payments so far and the next payment is to be made in 2024. Therefore, to say that Pakistan has gone bankrupt is completely wrong and contrary to the facts.

Senator Salim Mandviwala, a former finance minister and an important member of the coalition government, said in a conversation with Urdu News that "when a country suffers from bankruptcy, there is great chaos in it." There is no chaos at this time. People go to work as usual. Businesses are running. Necessary items including petrol etc. are being found.

Continuing, he said that the world's largest and most expensive coffee brand opens its franchise in Lahore, which sets a global sales record. These are all signs that cannot be present in a bankrupt country.

What will be the effects of Khawaja Asif's statement?

On the one hand, after a long time, there has been some increase in the reserves of the State Bank, on the other hand, the government's talks with the IMF are progressing. After this, the chances of continuity in the IMF agreement have increased. Similarly, the aid received by some other countries is also subject to this agreement. In such a situation, what are the effects of the statement of a senior minister of the government?

Former Finance Minister Dr. Salman Shah says that "First of all, the Prime Minister should resign from Defense Minister Khawaja Asif." No minister should be allowed to make such statements.

He said that Pakistan is definitely in trouble at this time. That is why IF is in the program but in such a situation when such statements come, those who have to give you money or those who have already given you a loan are worried. They can increase the pressure which can lead to more financial difficulties.

Senator Salim Mandviwala says that what Khawaja Asif has said is not the situation in the country, it is his own position, but he is a senior minister and politician. They should avoid such statements.
According to him, Khawaja Asif's statement will not have any major impact. There will be talking in the media for two or four days, but the overall impression is not correct, so it is better to avoid such statements.Defense Minister Khawaja Asif's statement, is Pakistan really bankrupt?