Pakistan facing the worst economic crisis: Bilawal

Bilawal said Pakistan is holding negotiations with the IMF to come out of the economic crisis.

MUNICH (Web Desk) - Foreign Minister Bilawal Bhutto Zardari on Sunday said that Pakistan is facing the worst economic crisis of its history.

The foreign minister gave wide-ranging interview to the CNBC at the sidelines of the Munich Security Conference to discuss climate change, the country’s economy and the situation in Afghanistan.

When asked about a statement by Defence Minister Khawaja Asif that Pakistan has defaulted and gone bankrupt, Bilawal said the minister was speaking in a political context.

“He (Khawaja Asif) was referring to the tough economic times, he wasn’t talking technically,” the foreign minister said.

“We are facing the worst economic storm,” he said, adding that a large part of Pakistan was submerged in the recent flood waters. Bilawal said the flood disaster in Pakistan is due to climate change. He said the climate-induced floods have changed the direction of Pakistan’s economy.

In response to a question, he said Pakistan is holding negotiations with the IMF to come out of the economic crisis.

Pakistan has also been affected by terrorism in recent times, he added, referring to the recent terror attack in Peshawar and Karachi. “100 people were killed in the Peshawar attack and an incident of terrorism also happened in Karachi,” he said.