According to the defense minister Pakistan has already defaulted

Pakistan is currently dealing with a huge economic crisis in its 75 year history. With escalating inflation, a deteriorating currency and the country's foreign exchange reserves dropping to only $3 billion just enough to pay three weeks worth of imports.

Establishment, bureaucracy and politicians according to Khawaja Asif are to blame for Pakistan's economic woes. On Saturday Defense Minister Khawaja Asif asserted that Pakistan has already defaulted and that everyone including the political class the establishment, and the bureaucracy are to blame. The remarks were made as the country was experiencing a severe economic crisis with record-high inflation and historically low foreign exchange reserves as a result of continued debt servicing obligations.

You must be aware that Pakistan is on the verge of bankruptcy a default or a financial disaster. By default it has already happened. Our nation is in financial ruin during his speech at a ceremony in Sialkot he added. In accordance to the defence minister a stable nation must be capable of standing on its own two feet. Inside the nation is where the answer to our issues rests. The issues Pakistan is facing cannot be solved by the IMF. The establishment bureaucracy and politicians he claimed are all to blame for Pakistan's current economic crisis because the law and constitution are not upheld there.

The minister claimed that he had spent the majority of his time in the opposition camp and had seen politics betrayed over the previous 32 years. Asif lashing out at the previous administration claimed that the current wave of terrorism began as a result of the importation of terrorists to Pakistan two and a half years ago. With reference to the assault on the Karachi police station he claimed that the security forces valiantly resisted the terrorists at the KPO.

The defense minister expressed an apology for the lives lost in the fight against terrorism. Underlining that security organizations were doing everything in their power to eliminate the condition.He demonstrated that terrorists had been encouraged to re-establish themselves in the nation two years ago.

Experts have warned that the nation may break its international responsibilities due to the country's poor economic state but Finance Minister Ishaq Dar has repeatedly reassured the people that the country will not break its obligations since things are on track in terms of negotiations with the IMF.

In 1971 Pakistan experienced its first significant default after a war with India and the division of East Pakistan which ultimately became Bangladesh. Although the nation's external debt at the time was not very large. The default had a considerable negative impact on the economy and politics.

After executing nuclear tests in 1998 Pakistan went into debt once more. Which cause prompting international sanctions and a suspension of foreign aid. The International Monetary Fund (IMF) was able to arrange a bailout package for Pakistan the next year thus the default was only mildly prolonged.

After executing nuclear tests in 1998 Pakistan went into debt once more. Which cause prompting international sanctions and a suspension of foreign aid. The International Monetary Fund (IMF) was able to arrange a bailout package for Pakistan the next year thus the default was only mildly prolonged.

In 2002 during a time of political and economic unrest Pakistan made a third default but was able to work out a new repayment plan with its creditors.