'Pakistan is bankrupt, better to recognise reality', admits nation's ex-Revenue board head

Revealing current situation of Pakistan, former chairman of Pakistan's Federal Board of Revenue Shabbar Zaidi on Wednesday ackwledged that country is bankrupt and asked countrymen to accept reality. While addressing a seminar at Hamdard University in Karachi, Zaidi highlighted current situation of Pakistan and said, "It is better to recognise reality than living in an illusion."

Zaidi, who made country and whole world familiar with current situation, was chairman of apex tax authority from 10th May 2019 to 6th January 2020. During his speech, Zaidi said that he had t yet fully understood China-Pakistan Ecomic Corridor (CPEC) project and demanded transparency in most touted project. 

"y say we have achieved great success and we brought tabdeeli (change), but this is wrong. In my view, country is, at moment, bankrupt and t a going concern, Zaidi said.

"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. se are all things to deceive people," added Zaidi.

Watch viral video of Shabbar Zaidi:

Have a look at tweets of Zaidi:

Zaidi says he failed to understand CPEC project

While expressing his views on China-Pakistan Ecomic Corridor, Zaidi ackwledged that he had failed to understand relevance of project. He lamented confusion over projects that were a part of CPEC. It is worth mentioning that CPEC is one of most touted infrastructures projects in Pakistan.

main aim of project is to plan a network of roads and railways with help of Chinese Communist government. project was started in 2013 under leadership of n Prime Minister Nawaz Sharif. Initially, it was valued at $47 billion but due to repeated delays, value of CPEC project is worth $62 billion as of 2020. 

"I 100% stand by my words", says Zaidi

Meanwhile, a short clip of Zaidi, where he uttered real situation of Pakistan, went viral on several social media platforms including Twitter. After facing a backlash from his own country, he posted a series of clarification tweets. Though Zaidi said video was just a small portion of his speech, he added that he stands by his words.

Also, he shared a link for full video. "Yes I said that with this constant current account & fiscal deficit re are issues of bankruptcy & going concerned but look at solution," he tweeted. Furr, in next tweet, former chairman of Pakistan's Federal Board of Revenue said Pakistan's total foreign debt stood at over $115 billion, while its current account deficit was between $5 billion to $8 billion.

However, he did t blame incumbent PM Imran Khan for mess but added that ne of governments worked for betterment of country.

With inputs from PTI

Im: Twitter/@koolkopper