PM Shehbaz lauds outgoing finance minister Miftah over IMF programme revival

Prime Minister Shehbaz Sharif on Tuesday lauded the performance of outgoing Finance Minister Miftah Ismail, set to be replaced by Ishaq Dar, for his role in getting the critical International Monetary Fund (IMF) programme revived.

“I want to commend Dr Miftah Ismail for his public service as finance minister,” said PM Shehbaz in a tweet.

“Taking up one of the toughest jobs at the height of economic crisis, he led the effort to save Pakistan from default and successfully negotiated the IMF programme.

“I have the highest respect for the professionalism and commitment with which he served the nation during these difficult times,” he said.

Earlier on Tuesday, Miftah submitted his handwritten resignation from the position of finance minister to the prime minister.

During his tenure, Ismail took a number of unpopular decisions to comply with IMF preconditions, including rolling back power and fuel subsidies given by the previous government.

The resumption of the IMF programme was crucial for the cash-strapped South Asian economy, which was struggling to attract inflows from friendly countries and multilateral lenders.

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PM Shebaz's statement comes after Pakistan Muslim League-Nawaz (PML-N) Senator Ishaq Dar took oath as the federal minister, moving a step closer to becoming the finance minister of the country for the fourth time.

Meanwhile, Dar, who is widely seen as an advocate of a stronger rupee, said that stabilizing the currency is his government‘s top priority.

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“I believe that the speculation in the currency market should end, and I believe that those involved in it have reverted to the right direction, which is evident with the rupee’s recent gains,” said Dar while talking to media persons after his oath ceremony.