Is Pakistan completely bankrupt? - Watch: Former Chairman of Revenue of Pakistan make stark claims

The former chairman of Pakistan's Federal Board of Revenue Shabbar Zaidi has said that the country is "bankrupt" and it is better to recognise the reality than "living in illusion".

Using the accounting term "going concern" as a reference point for the audience, Zaidi said that he believes the country, at the moment, has gone bankrupt. Zaidi added that it is 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.

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A video clip of Zaidi's speech was shared widely on social media. As soon as the video went viral, Zaidi on Thursday claimed that his statement had been made on a "basis & conviction". Zaidi later took to Twitter to say that "only three minutes of his speech have been cherry-picked" and circulated. He said he spoke about the solution as well.