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Shabbar Zaidi: Pakistan cannot avoid default in 2024. A former head of the Federal Board of Revenue (FBR), asserted on Tuesday that Pakistan cannot avoid default in 2024 and that the current administration is merely misleading the people.
Shabbar Zaidi stated that although the International Monetary Fund’s (IMF) program not yet finalized, the federal government will present its budget on June 9 during an interview with the ARY News program “11th Hour.”
He claimed that Pakistan cannot pay its debts, despite the IMF program revived after June. He asserted that the nation won’t be able to repay its internal and external debt until 2028.
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The external loans need to reprofiled by Pakistani authorities. The Fund asked the government for a written guarantee and prepared to re-profile the external debts.
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“Due to Pakistan’s inability to prevent default in 2024, the current administration has been deceiving the country for eight months. The dollar price had risen to the equivalent of Rs390 when Sri Lanka faced default. The current exchange rate for the dollar in Pakistan is Rs310.
If the prime minister meets with the IMF, the former chairman of the FBR declared, the economic team would have failed.