Pakistan has already bankrupt, said country's Defence Minister Khawaja Asif, blaming the bureaucracy, establishment, and politicians for its current state adding that the International Monetary Fund (IMF) bailout is not the solution for cash-strapped nation.
The minister made this statement during an event in his home town Sialkot.
"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 was quoted as saying by The Express Tribune newspaper.
"The solution to our problems lies within the country. The IMF does not have the solution to Pakistan's problems," he said.
The statement from the defence minister has come when Pakistan's weekly inflation is touching 39 per cent.
Facing its worst-economic crisis, there is a shortage of essentials in the country such as fuel, food, and energy.
Pakistan is seeking IMF bailout for the ninth time, however, the deal is in a deadlock amid tough conditions put forth by the funding authority.
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