Islamabad: Former FBR Chief Shabbar Zaidi said that country is going towards default due to Ishaq Dar’s policies, banks have been directed to refuse to open Letters of Credit (LC) due to lack of dollars in country. 

Talking to a private TV Shabbar Zaidi said that in his opinion government has informed banks about country’s chances of defaulting and that $ 4 billion worth LCs are still pending. Delay in opening of LCs is causing supply-chain issues, he added.
He added that International Monetary Fund has also refused to negotiate unless government raises tax collection.

If government increases imports, then tax collection would go down and if imports are not increased then there will be dollar shortage, he added. Former FBR Chief said that PDM government has not taken one positive step for economy.

Things are getting out of government’s hands now, he added. Shabbar added that Ishaq Dar kept dollar rate in check artificially from 2013 to 2018. Ishaq Dar ran an import-based economy but destroyed economy of country. 

Published in The Daily National Courier, November, 29 2022

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