"Pakistan has gone bankrupt," claimed Zaidi, a former chairman of the Federal Board of Revenue (FBR). However, the Pakistani government claims that it is doing a good job and is working to improve the situation. Shabbir Zaidi has rejected all the claims of the government. Shabbir Zaidi, a former chairman of Pakistan's Federal Board of Revenue, said, "Our country is bankrupt and it is better to know the truth than to live in delusion." Addressing a seminar at Hamdard University on Wednesday, he said that while everyone in the government was saying everything was fine, Pakistan was currently bankrupt.
Zaidi said he believed the country was bankrupt at the moment. "It's better to accept that the country's economy is bankrupt than to find a solution," Zaidi said. "Instead of deceiving the people by claiming that the country is getting better, it would be better to find a solution and consider the country bankrupt," he said.
Meanwhile, after his controversial statement, Zaidi tweeted to explain that his words were not seen with context and were misrepresented. He said,"Total foreign debt of over 115 billion USD. Constant estimated current account deficit of say at the USD 5 to 8 billion. When we will be able to pay that debt ? It is better to recognise the reality then living in illusion. We need to have a reality check.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.What I said was with a basis & conviction. I only want to say that whole speech is to read and listened."
Zaidi served as chairman of the Federal Board of Revenue (FBR) in the government of Pakistan's Prime Minister Imran Khan from 10 May 2019 to 8 April 2020. He made the controversial statement in a recent speech at Hamdard University. However, Zaidi has now clarified on Twitter about the video related to that statement.