<p>Defence minister Khawaja Asif has said that Pakistan has already defaulted amid looming fears that the cash-starved country may go bankrupt and blamed the establishment, bureaucracy and politicians for the prevailing economic crisis.</p>.<p>Addressing a ceremony in his home town of Sialkot, he said that standing on its own feet was crucial for Pakistan to stabilise itself.</p>.<p>"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.</p>.<p>"The solution to our problems lies within the country. The IMF does not have the solution to Pakistan's problems," he said.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/international/world-news-politics/poor-pakistanis-worry-imf-bailout-measures-risk-stark-future-1192370.html" target="_blank">Poor Pakistanis worry IMF bailout measures risk stark future</a></strong></p>.<p>He said that everyone — including the establishment, bureaucracy and politicians — are to blame for the current economic mess as the law and Constitution are not followed in Pakistan.</p>.<p>The minister said that most of his time had been spent in the opposition camp and that he has witnessed politics being disgraced for the past 32 years.</p>.<p>Lashing out at the former government, Asif said that terrorists were brought to Pakistan two and a half years ago which eventually resulted in the current wave of terrorism.</p>.<p>Speaking about the attack on the police office in Karachi on Friday, he said that the security agencies bravely fought the attackers.</p>.<p>The remarks come as the country faces a crippling economic crisis, with decades-high inflation and critically low foreign exchange reserves depleted by continued debt repayment obligations, the report said.</p>.<p>Pakistan’s foreign exchange reserves are slightly above $3 billion which is hardly enough for 10-15 days of imports.</p>
<p>Defence minister Khawaja Asif has said that Pakistan has already defaulted amid looming fears that the cash-starved country may go bankrupt and blamed the establishment, bureaucracy and politicians for the prevailing economic crisis.</p>.<p>Addressing a ceremony in his home town of Sialkot, he said that standing on its own feet was crucial for Pakistan to stabilise itself.</p>.<p>"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.</p>.<p>"The solution to our problems lies within the country. The IMF does not have the solution to Pakistan's problems," he said.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/international/world-news-politics/poor-pakistanis-worry-imf-bailout-measures-risk-stark-future-1192370.html" target="_blank">Poor Pakistanis worry IMF bailout measures risk stark future</a></strong></p>.<p>He said that everyone — including the establishment, bureaucracy and politicians — are to blame for the current economic mess as the law and Constitution are not followed in Pakistan.</p>.<p>The minister said that most of his time had been spent in the opposition camp and that he has witnessed politics being disgraced for the past 32 years.</p>.<p>Lashing out at the former government, Asif said that terrorists were brought to Pakistan two and a half years ago which eventually resulted in the current wave of terrorism.</p>.<p>Speaking about the attack on the police office in Karachi on Friday, he said that the security agencies bravely fought the attackers.</p>.<p>The remarks come as the country faces a crippling economic crisis, with decades-high inflation and critically low foreign exchange reserves depleted by continued debt repayment obligations, the report said.</p>.<p>Pakistan’s foreign exchange reserves are slightly above $3 billion which is hardly enough for 10-15 days of imports.</p>