The former FBR Chairman says that his words were misreported and were presented out of context.
KARACHI: (UrduPoint/Pakistan Point News-Dec 16, 2021) Former Chairman of Federal board of Revenue Shabbar Zaidi believed that the country had gone bankrupt and the government's claims, that the country was doing very well, achieving great success and changing, were all wrong.
The reports said that he expressed these views while delivering his speech at Hamdard University in Karachi. But later, he took to Twitter and clarified his stance that his speech was presented out of the context.
He wrote, "only three minutes of his speech have been cherry-picked" and circulated. Zaid said that he was speaking about the solution as well.
Using accounting term "going concern" (which assumes that an entity has no plans to liquidate or reduce the size of its operations in any significant way, as per ACCA Thinkhead) as a reference point for the audience, Zaidi said that he believes the country, at the moment, had gone bankrupt.
Zaidi stated that it was better to accept that a country's economy has gone bankrupt and find solutions rather than deceive people by claiming that it is doing well. Zaidi sid that his words were taken out of context and had been misreported.
However, he said that there were issues of bankruptcy and going concern, emphasizing upon finding solution to address these issues.
He wrote, "What I said was with a basis & conviction. I only want to say that [the] whole speech is to [be] read and listened,".
Sabbar Zaidi earlier had served as the FBR Chairman in the government of Prime Minister Imran Khan from May 10, 2019 to April 8, 2020.
