Prime Minister Imran Khan-led Tehreek-e-Insaf (PTI) government has decided to remove Abdul Hafeez Shaikh as Federal Finance Minister, local media reported on Monday.

As per reports, Federal Minister of Industries and Production Hammad Azhar would be appointed as a replacement for Hafeez Shaikh.

The premier reportedly had conveyed to the finance minister to step down from his role. A notification in this regard will also be released soon.

The development comes weeks after PPP candidate Yusuf Raza Gilani defeated Hafeez Shaikh in the Islamabad general seat Senate elections.

Despite the Senate election result, Prime Minister had asked him to continue as Minister for Finance.

In 2019, amid a cabinet reshuffle, Shaikh had been appointed Advisor on Finance after Minister for Finance Asad Umar tendered in his resignation.

Later, he was made the finance minister back in December 2020.