Former Chairman of the Federal Board of Revenue (FBR) and renowned economist Syed Shabbar Zaidi has dismissed the idea of distancing Pakistan from the International Monetary Fund (IMF) as “pointless,” emphasizing the critical role of the global lender in the current economic landscape.
Addressing a session on the second day of the 17th Karachi Literature Festival (KLF) at a local hotel, Zaidi spoke at the launch of his autobiography, “32 Onkar Road.”
During the event, he challenged the current economic discourse, questioning why critics do not direct their inquiries to those currently managing the country’s finances.
FBR vs. State Bank Performance
Zaidi offered a sharp critique of Pakistan’s premier financial institutions.
He stated that the State Bank of Pakistan (SBP) remains a “hundred times better” institution than the FBR in terms of operational efficiency.
To improve performance and revenue collection, Zaidi advocated for moving the FBR headquarters to Karachi, the nation’s commercial hub.
He previously noted that markets in a single Karachi locality, such as Lalukhet, often contribute more tax than entire markets in other major cities.
The remarks came during the ongoing three-day literary festival, which began on February 6, 2026.
While the festival continues to host intellectual discourse, official government celebrations for the concurrent Basant festival in other regions have been curtailed following a tragic security incident in Islamabad.
