He made the statement addressing a convocation at a private college in his hometown of Sialkot.

PTI is now cashing in on his “admission” and criticizing the government over its failure to improve the country’s economy.

Khawaja Asif was speaking about the deteriorating law and order situation in the country when he commented on the economic situation as well.

He said terrorists were brought back to Pakistan around one and a half years ago.

The new wave of terror, he said, was the outcome of the “games” played in the country. Last night, personnel of security forces battled terrorists all night, he said.

Asif said people who raised their voices against terrorism were forced to leave the country. Discussions on TV shows are far removed from reality, he said.

“The situation that our country is faced with… We are living in a bankrupt country. You might have heard that [Pakistan] is declaring a default or going bankrupt or experiencing a meltdown. That has already happened,” Khawaja Asif said.

He was captured on TV cameras and a clip quickly went viral.

The PTI seized his words and said that the defense minister had declared a default.

PTI’s Fawad Chaudhary suggested that the declaration of default from a minister was a matter of grave concern.

He referred to a criminal case registered against former finance minister Shaukat Tarin, who faces sedition charges over his alleged attempt to sabotage an IMF deal that might have led to a debt default for Pakistan.

Chaudhry said that on the one hand, Tarin faced sedition charges and on the other hand “enemies of the country” like Khawaja Asif were playing games.

“This person as a defense minister is a security risk to the country. [Finance Minister] Ishaq Dar must explain his statement immediately,” he said.