Ex-FBR chairman claims ‘Pakistan technically entered default’

LAHORE, Dec 08 (NNI): Former chairman Federal Board of Revenue (FBR) and renowned economist Shabbar Zaidi on Thursday claims that Pakistan has technically entered default.
Talking to a private television channel, Shabbar Zaidi said that Pakistan has to rationalise the petroleum products and restrictions should be imposed on the approval of the letters of credit (LCs) by the import and export controller.
Zaidi said that the government has informed about the default, LCs worth $4 million were pending and the State Bank of Pakistan (SBP) is not approving opening any further due to which no raw material is imported from Pakistan.
The former FBR chairman asserted that the government lacks financial resources for importers which means that the country technically entered default.
The economist said that the government has not taken a single positive step for the economy and the economic crisis in Pakistan got worsened. Imports must be increased in order to collect taxes, and if imports are not increased, There will be no dollar for importers. NNI