Former Chairman of Federal Board of Revenue (FBR) Shabbar Zaidi claims his speech on Pakistan’s bankruptcy at Hamdard University is being misreported.
To clarify, Wednesday, Hamdard University invited Shabbar Zaidi as a guest speaker for a seminar on “Evolving Pakistan’s Economy: Challenges & Opportunities for youth.”
During the seminar, Shabbar Zaidi claimed that Pakistan as an entity is bankrupt. He also noted that it is false to say Pakistan is on its way to success due to the developments.
“Pakistan as an entity is bankrupt. As we say in accountancy, it’s not going concern in today’s position. We say that everything’s good, we brought Tabdeeli but this is wrong, in my view, the country at this moment is bankrupt,” Shabbar Zaidi said.
Read more: How is FBR hurting Pakistan economy?
Interestingly, his comments on Pakistan’s bankruptcy gained mass attraction. Many were of the view that his statements are correct. Meanwhile, a spokesperson for the Finance Minister, Muzzammil Aslam countered Zaidi’s claim saying that the country went bankrupt twice. Pakistan went bankrupt in 1998-99 during PML-N’s tenure and in 2009 during PPP’s tenure.
Important to note, some people even expressed support for Shabbar Zaidi. They stated that he spoke not as a government authority, but as an accounting expert.
The issue is not we are bankrupt or things heading towards deterioration, the real worry is despite all these facts people at the helm still believe "all is well" and this was exactly the crux of my recent conversation with a senior bureaucrat! https://t.co/COE2XhxPR5
— Kamran Yousaf (@Kamran_Yousaf) December 16, 2021
Shabbar Zaidi’s reaction
While experts and journalists debated on Shabbar Zaidi’s statements, the former FBR Chairman claimed that media misrepresented his views. Taking to Twitter, Shabbar Zaidi stated that his speech became a target of “cherry-picking.”
“My speech in Hamdard University is being misreported. There was a presentation of half & hour. Only three minutes have been cherry-picked,” Shabbar Zaidi said.
Read more: Pakistan Economy: History and Required Reforms
He also admitted that he did highlight the concern of Pakistan going bankrupt. However, he also suggested looking at the solution.
“Yes, I said that with this constant current account & fiscal deficit there are issues of bankruptcy & going concern but look at the solution,” Shabbar Zaidi said on Twitter.
What I said was with a basis & conviction. I only want to say that whole speech is to read and listened.
— SyedShabbarZaidi (@SShabbarZaidi) December 16, 2021
“What I said was with basis and conviction. I only want to say that whole speech is to read and listen,” he further added.
Meanwhile, Muzzammil Aslam once again hit back by saying that public claims on Pakistan’s bankruptcy are a matter of concern.
However, Shabbar Zaidi reiterated that the situation in Pakistan is not good. He also once again advised Muzzammil Aslam to read the whole presentation.
“I am not a politician. But I know some economics. The situation in Pakistan is not good,” Shabbar Zaidi responded.
Dear Muzzummil
I made a half and hour speech in a university. If they are reporting a part without context then I am not responsible. I am not a politician. But I know some economics. A student. The situation in Pakistan is not good. Read the whole presentation.— SyedShabbarZaidi (@SShabbarZaidi) December 16, 2021
Read more: Bureaucracy forcing PM Khan to change FBR Chairman: Shabbar Zaidi