Miftah resigns as finance minister after taking tough decisions

Miftah resigns as finance minister after taking tough decisions

Dr. Miftah Ismail has resigned the post of the finance minister on Sunday. Ismail has taken many tough decisions for the country’s economy during his stay since April 2022.

“In a meeting with Mian Nawaz Sharif and Prime Minister Shehbaz Sharif today [Sunday September 25, 2022], I have verbally resigned as Finance Minister. I will tender a formal resignation upon reaching Pakistan. It’s been an honour to serve twice as Finance Minister,” Miftah Ismail said in a Tweet.

READ MORE: Pakistan’s forex reserves slip to $14.07 billion

Miftah Ismail assumed the charge as finance minister as soon the new coalition government led by PML (N) came into the power after the former Prime Minister Imran Khan of Pakistan Tehreek I Insaaf (PTI) was ousted through a vote of confidence.

During this period Pakistan had seen severe economic crisis, especially the balance of payment, local currency depreciation and negotiations with the International Monetary Fund (IMF).

READ MORE: ECC approves clearance of banned items landed till August 18, 2022

The biggest achievement of Miftah Ismail was successful negotiations with the IMF. Although, the government had taken very tough decisions, especially removal of subsidies on petroleum products and energy to achieve the IMF bailout package.

READ MORE: USC to disburse ration bags worth Rs540 million to flood victims

It is learnt that senator Ishaq Dar is assuming the charge as finance minister. Dar was living abroad for the last many years. However, the present government is believing that Dar was the best choice to face challenges that the country was facing.

Ahsan Iqbal, Federal Minister Planning and Development has acknowledged the services of Miftah Ismail and said in a Tweet: “You served under most challenging circumstances. You saved default at the cost of personal reputation. Your services will be remembered.”

READ MORE: Pakistan State Oil gets Rs30 billion to avoid default