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Tuesday, January 31, 2023
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Banks told to not open LCs because of no dollars, claims Shabbar Zaidi

Former chairman Federal Board of Revenue (FBR) and renowned economist Shabbar Zaidi has said that according to his information banks have refused to open LCs today as they have been instructed not to open because of no dollar.

Zaidi said that the government has informed about the default, LCs worth $4 million were pending and due to the postponement of LCs, no raw material was coming to the country.

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Speaking in a TV program he also said that International Monetary Fund (IMF) has also refused to negotiate until the tax collection will be increased. He said that the IMF has said that the tax collection should be increased first and then the talks will be held and that the current government has not met their target of tax collection.

The economist said that if you increase imports then there will be no tax collection and if imports are not increased then the number of dollars will not be present. He said that the government has not taken a single positive step for the economy and the economic crisis was worsening.

He said that Ishaq Dar kept dollars on artificial support from 2013 to 2018. Dar did not have any rocket science and ran the economy on the basis of imports but destroyed the country.

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