/wion/media/agency_attachments/2024/12/26/2024-12-26t112006978z-wion-white-logo-for-website-2-1.png){kind=logo}
/wion/media/agency_attachments/2024/12/13/2024-12-13t071548098z-wionlogo.webp)
/wion/media/post_attachments/files/2022/09/26/298748-untitled-design-2022-09-26t015003981.png)
Lahore, Pakistan
Miftah Ismail, Pakistan's finance minister, took to Twitter on Sunday (September 25) to announce his resignation. Ismail said that in meeting with Mian Nawaz Sharif and the prime minister (Shahbaz Sharif), he has already "verbally" resigned and will be submitting a formal resignation once he reaches Pakistan.
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. Itâs been an honour to serve twice as Finance Minister. Pakistan Paindabad
â Miftah Ismail (@MiftahIsmail) September 25, 2022
The announcement comes as Pakistan deals with an economic crisis made worse by the devastating floods.
Ismail is the fifth finance minister of the country to be replaced in less than four years as Pakistan's economy experiences continuous instability, account deficits increase, and growing inflation puts pressure on households and businesses.
Ismail is currently in London along with the country's prime minister, Shehbaz Sharif, and both are expected to return this week.
The finance minister last week, in conversation with Reuters, had said that the country "will absolutely not" fail its financial debts, indicating that changes were made to the economic reforms.
Also read | Hindu woman and two teenage girls abducted and converted in Pakistan
Ismail further said that the country was seeking debt relief from several international creditors and mentioned that the government would not accept any assistance from commercial banks or Eurobond creditors. He mentioned that Pakistan will receive assistance from Qatar and the UAE and also stated that Saudi Crown Prince Mohammed bin Salman assured the prime minister of a $1 billion investment.
Pakistan's central bank still stands at $8.6 billion in debt despite receiving $1.2 billion in assistance from the IMF in August.
Devastating floods that covered a significant portion of Pakistan this month have worsened the situation. The catastrophe claimed over 1,500 lives and resulted in damage of nearly $30 billion in infrastructural damage, causing worries in the country.
(With inputs from agencies)
WATCH WION LIVE HERE