Picture: The Express Tribune

Pakistan’s former finance minister Miftah Ismail was criticizing the performance of the current government and admitted that Pakistan’s default is now at an alarming level.

Ismail is also part of Pakistan Muslim League – Nawaz, which is ruling the federal government in the country. In his articles, he has rejected the claims by the current finance minister Ishaq Dar and has said that Pakistan is on the edge of bankruptcy and the default risk is at an alarming level now. He also said that “Now the government has no room for error.”

He further elaborated that even if we pay off the bonds next month, December, the default risk will still be there. If we do not take any preventive measures now, the government will have no right to criticize PTI or any other party for the consequences.

In his article, Miftah Ismail has explained in detail that there is a huge gap in the exchange rates of interbank and open markets. He blames the devaluation of Pakistani currency for the recent economic crisis in the country.

Considering the current economic situation, Ismail has suggested the government to prioritize national interest by keeping aside all political differences.

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