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Pakistan's finance minister Miftah Ismail says he will formally resign from role

  • Miftah is the fifth finance minister to be replaced in less than four years as Pakistan's economy has witnessed persistent turbulence
Published September 25, 2022 Updated September 26, 2022

Finance Minister Dr Miftah Ismail confirmed on Sunday that he will step down from his position, a development that took place as the Pakistan Muslim League-Nawaz (PML-N), leader of the coalition government, held a high-level huddle in London.

Miftah, who accompanied Prime Minister Shehbaz Sharif to London, said he has "verbally resigned as Finance Minister".

"In a meeting with Mian Nawaz Sharif and PM Shehbaz Sharif today, 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. Pakistan Paindabad," said Miftah in a tweet.

It was reported earlier that PML-N supremo, Nawaz Sharif, nominated ex-finance minister Ishaq Dar as Miftah’s replacement.

Dar is expected to return to Pakistan along with PM Shehbaz, and take oath as the finance minister on Tuesday.

Nawaz Sharif commended Miftah's efforts to steer Pakistan out of a default-like situation.

Miftah also thanked the PML-N leadership for entrusting him with the responsibility and said that he diligently served his duties during his brief four-month tenure.

Miftah is the fifth finance minister to be replaced in less than four years as Pakistan's economy has witnessed persistent turbulence while its current account deficit has widened starkly and rising inflation has put pressure on both families and businesses.

Earlier, it had been reported that Nawaz Sharif was displeased with the current economic policies and had called for a change in direction.

Nawaz was worried about skyrocketing inflation that had directly affected ordinary people, impacting PML-N's vote-bank.

Adding to the crisis, devastating floods have engulfed large swathes of Pakistan this month. The disaster killed more than 1,500 people and caused damage estimated at $30 billion, fanning fears that Pakistan would not meet its debts.

Miftah, echoed by the Prime Minister, reassured investors on Friday that the South Asian nation was seeking debt relief from bilateral creditors and emphasised the government would not seek any relief from commercial banks or Eurobond creditors.

The change in leadership seemed to be in offing after Interior Minister Rana Sanaullah confirmed that Dar will return to Pakistan next week.

Dar will take oath as a Senator, and subsequently as the finance minister of the country.

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Shareholder Sep 25, 2022 10:15pm
A hero for Pakistan. Miftah sb, some of us hold you in highest esteem for doing what needed to be done to save us from bankruptcy, despite the stigma it brought you personally. May Allah bless you for your sincerity and efforts. Pakistani public will not comprehend truth nor harsh reality.
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Quratual Ain Sep 25, 2022 10:35pm
Who is going to replace Miftah Ismail, who holds a PhD in Public Finance and Political Economy from a reputed foreign university, and a successful businessman too? If by Mr Dar, who has been declared absconder by Pakistan's top courts and living in London for last many years, will accompany Mr Shehbaz in his return after taking advice from the country's TOP ABSCONDER NS. The country's current PM is also convicted in serious corruption charges, the nation has again been disrespected and left at the mercy of criminals. Mr Dar never bother to respect the Pakistani judiciary and is now coming back to serve the country or vested interests of PML-N. What a pity. May Allah Kareem protect our motherland from the evil designs of these bunch of mafia who happens to be the BLUE EYED of our NEUTRALs....
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Musadiq Sep 26, 2022 12:44am
@Miftah Ismail sb, you did a wonderful job under the circumstances. Very few have taken tough political decisions for Pakistan's economy, and you were one of the few. Best of luck for your future endeavours. May God bless Pakistan.
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