Pak teetering on the brink of complete economic breakdown: Finance Minister

Islamabad, Sep 6(ANI): Providing a reality check on the shaky economic situation, Pakistan Finance Minister Dr. Hafeez Sheikh has said that the country is on the verge of a 'complete economic breakdown'.

Dr. Sheikh further sought the cooperation of the federal and provincial governments to steer the nation out of the mess.

He made these remarks in a meeting presided over by Prime Minister Yousuf Raza Gilani on August 26.

Chief Ministers, Joint Chiefs of Staff Committee Chairman, services chiefs and bureaucrats attended the meeting.

"Giving an overview of the economic situation, the Finance Minister clearly told the top civil and military leadership that the national economy was teetering on the brink even before the floods and was now heading towards an abyss because of the devastation caused by the disaster," The Dawn quoted a senior official who attended the meeting, as saying.

The Finance Minister also said that the country's overall debt stood at about Rs.8.75 trillion, which had increased by a massive 46 percent from Rs.6 trillion two years ago.

"The debt has increased to such a level that the country is on the edge of insolvency," the official added.

Dr. Sheikh further said that the government would have to show strong commitment to restructure and improve the situation.

He also called for implementation of austerity measures approved by the federal cabinet last year 'to stop further bleeding'. (ANI)