Incoming Finance Minister vows to protect against COVID shocks

The incoming Finance Minister Hammad Azhar has said that they should continue to consolidate gains made towards stabilization, as supply chain disruptions and escalation in food prices are being witnessed globally amid coronavirus pandemic.

“I am honored to be entrusted with the additional charge of Finance by the Prime Minister,” said Azhar in a tweet post, who is already serving as the minister for industries and production. He said that Pakistan's economy has made significant gains towards stabilization since 2018. “We shall continue to consolidate these gains and strengthen the growth momentum,” he said.

The minister was of the view that the incumbent government navigated the economic fallout of COVID-19 fairly well. “The world is witnessing supply chain disruptions and rise in food prices. We shall endeavor to protect our people from these shocks,” added Azhar.

Prime Minister Imran Khan decided to remove Finance Minister Dr. Abdul Hafeez Shaikh as Finance Minister due to his “failure” to check rising inflation and replace him with Minister for Industries and Production Hammad Azhar.

Azhar, who is given the additional charge of finance and revenue affairs, will be the third finance minister to be appointed since the Pakistan Tehrik-e-Insaf (PTI) came to power following the 2018 general elections.

Minister for Information and Broadcasting Senator Shibli Faraz at a private news channel said that the prime minister has also decided to form a new economic team.