Shabbar Zaidi said that bankruptcy or default in economic terms means that a person or a country cannot pay its debts within its current income. In this regard, the country has been bankrupt for a long time.
He said another default is sovereign debt which occurs when other countries stop lending to you when they see that you cannot repay your debt.
Pakistan has not gone bankrupt in terms of state debts because other countries of the world are giving us loans despite seeing that Pakistan cannot pay its debts.
However, he expressed his apprehension that as the extravagance of the ruling class continues and unwise economic decisions are being made, soon the outside world will withdraw its hand from lending to Pakistan.
Shabbar Zaidi said that the government ministers kept telling lies that Pakistan cannot become Sri Lanka if the situation continues, then only next year Pakistan will become bankrupt like Sri Lanka.