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Miftah Ismail sets to resign as Pakistan Finance Minister

Finance Minister Miftah Ismail resigned from his post. The decision came after the party held a high-level meeting of PML-N leaders, including party supremo Nawaz Sharif, in London. According to the party spokesperson, Miftah Ismail submitted his resignation to the PML-N leader in accordance with the party’s decision and thanked him for giving him a chance to lead the ministry.

During the meeting, Miftah Ismail was quoted as saying; “For four months, I worked as best I could and remained loyal to the party and the country. Later, Miftah tweeted about his resignation and said; “In today’s meeting with Mian Nawaz Sharif and PM Shehbaz Sharif, I have verbally resigned as Finance Minister. I will submit my formal resignation after reaching Pakistan. I was honored to be the Minister of Finance twice. Pakistan Paindabad.”

 

Reportedly, the PML-N party leader was concerned about soaring inflation and a flood situation that affected millions of people and caused an estimated $30 billion in damage, raising fears that Pakistan would default on its debts. According to sources, Nawaz was not satisfied with Miftah’s economic policy and called for a change in economic policy.

According to reports published by local media, Ishaq Dar will replace Miftah Ismail as Finance Minister. Earlier in the day, Interior Minister Rana Sanaullah told a press conference in Lahore that Ishaq would return to the county in the coming week and assist the government’s economic team. A day earlier, the accountability court suspended the arrest warrant issued against Dar, paving the way for the former finance minister’s return from London. Ahead of Dar’s return, the Pakistani rupee rallied against the US dollar as trading for the week opened on Monday. PKR was trading at Rs 235.5 per dollar (10 am), up 1.73 percent from Friday’s close at Rs 239.65.

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