Tag: bankruptcy

  • ‘Pakistan default ho chuka hai’: Khawaja Asif

    ‘Pakistan default ho chuka hai’: Khawaja Asif

    Defence Minister Khawaja Asif has said that Pakistan has already defaulted, and that we’re all citizens of a bankrupt country.

    “You all have heard that Pakistan is going to default. That has already happened. Pakistan has defaulted and we’re all living in a bankrupt country,” the Pakistan Muslim League-Nawaz leader said on Saturday while addressing a public gathering.

    “If we sell two golf clubs we will be able to pay off two third of our debt. These golf clubs are constructed on 1500 kanal of land in Pakistan. Have seen leaders begging for 230 million dollars.” said Khawaja.

    The minister also said that houses of the poor are demolished so that the real estate mafia can make money.

    “A cheetah killed a man in Islamabad, no one had the guts to register the FIR on the right person. The FIR was registered against an ‘unknown’ person,” said Khawaja while addressing the crowd.

    He also said that terrorism came to Pakistan because of our leaders.

  • Pakistan is out of danger, there is no risk of the country going bankrupt: Miftah Ismail

    Pakistan is out of danger, there is no risk of the country going bankrupt: Miftah Ismail

    The present coalition government has lifted Pakistan out of danger, according to Federal Finance Minister Miftah Ismail, as there is no chance of the nation becoming bankrupt.

    In an interview during Geo News show “Aaj Shahzeb Khanzada Kay Sath” on Monday, the minister stated that Pakistan Tehreek-e-Insaf (PTI) leader Imran Khan had put the country at risk of default. However, he said, Pakistan is not currently in danger of going bankrupt.

    The economic crisis were made worse by flash floods. But we’ll run the economy effectively. The country’s economy won’t be in danger, he continued.

    The finance minister added that the government would implement measures to stabilise the currency market within the following four to five days.

    He claimed that certain banks offered overpriced dollars as a result of the circumstance. The minister stated that the Prime Minister has taken strict notice of these banks and has requested a report from the Governor State Bank within two days.

    Eight banks have also received letters regarding this and will also face penalties.

  • ‘Pakistan is bankrupt’: Former FBR Chairman Shabbar Zaidi

    ‘Pakistan is bankrupt’: Former FBR Chairman Shabbar Zaidi

    Former FBR Chairman Shabbar Zaidi, while speaking on Pakistan’s economic condition at Hamdard University, said on Thursday that Pakistan is bankrupt at the moment and that the country was not in a state of “going concern” — an accounting terminology referring to a business that is operating and making a profit.

    “We keep saying that everything is good, the country is running well, we have achieved great success and we brought tabdeeli (change) but this is wrong,” said Zaidi.

    “It is better if you decide first that we have reached bankruptcy and we have to move forward compared to saying everything is running well and I will do this and that. These are all things to deceive the people,” Zaidi said.

    After receiving a lot of backlash, Zaidi tweeted, “My speech in Hamdard University is being misreported. There was a presentation of half & hour. Only three minutes have been cherry-picked.”

    “Yes I said that with this constant current account & fiscal deficit there are issues of bankruptcy & going concern but look at the solution,” tweeted Zaidi.

    Zaidi further wrote, “What I said was with a basis & conviction. I only want to say that whole speech is to read and listened.”

  • Bankruptcy? ‘Ishaq Dar’s son shuts down school in Dubai over financial issues’

    Bankruptcy? ‘Ishaq Dar’s son shuts down school in Dubai over financial issues’

    Days after it was reported that the Pakistan Tehreek-e-Insaf (PTI) government is tightening the noose around former finance minister Ishaq Dar, reports claiming his family is going through a financial crunch, have surfaced.

    According to reports, the Pakistan Muslim League-Nawaz (PML-N) leader’s son, Hasnain Dar, has decided to shut down his Ontario International Canadian School (OICS) in Dubai citing “financial issues” as the family “starts to wind up their ventures abroad”.

    Mirdiff based OICS was opened in 2014 and follows the Canadian curriculum for kindergarten to grade 10, with fees ranging from Dh28,000-56,000 a year.

    Last week, the school administration issued to parents a circular signed by Dar, which has reportedly left over 200 parents in an awkward position while around 50 teaching and non-teaching staffers will also be affected.

    “I have continuously been engaged in discussions with KHDA regarding the future of OICS. However, it is only fair for me to share with you that —the school does not have the financial support to continue beyond June 30, 2019,” the circular read.

    “I understand that this is an incredibly difficult time for families and we at OICS are committed to ensuring a smooth transition of your children to other schools. As a part of our effort for this smooth transition, we have asked Kings’ Education to honour the OICS fee structure for the next two academic years for any students who wish to transfer to Kings’ Schools,” it said further.