Pakistan Finance Minister Miftah Ismail stepped down from his post to make way for senior PML-N leader Ishaq Dar to take over the reins of the country’s cash-strapped economy.

WION Dispatch: Pakistan Finance Minister Miftah Ismail steps down, Ishaq Dar to take over

Sharif government had come to power in Pakistan with one hope to get the economy running. Foreign reserves are shrinking and the Pakistani rupee is touching a new low. To make matters worse, the country's Finance Minister has handed in his resignation.

Pakistan: Miftah Ismail hands in his resignation, Ishaq Dar to become next finance minister

Miftah Ismail, Pakistan's finance minister, took to Twitter on Sunday (September 25) to announce his resignation. Ismail said&nbsp;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.&nbsp;

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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
— Miftah Ismail (@MiftahIsmail) <a href="https://twitter.com/MiftahIsmail/status/1574100914176020480?ref_src=twsrc%5Etfw">September 25, 2022</a></blockquote>
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The announcement comes as Pakistan deals with an economic crisis made worse by the devastating floods.&nbsp;

<a href="https://www.wionews.com/south-asia/former-pak-finance-minister-dar-to-end-exile-return-from-london-to-resurrect-cash-strapped-economy-519573">Also read |&nbsp;Former Pak finance minister Dar to end exile, return from London to resurrect cash-strapped economy</a>

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&nbsp;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.

<a href="https://www.wionews.com/south-asia/a-hindu-woman-two-teenage-girls-abducted-and-converted-in-pakistan-519435">Also read |&nbsp;Hindu woman and two teenage girls abducted and converted in Pakistan</a>

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)

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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.

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. It’s been an honour to serve twice as Finance Minister. Pakistan Paindabad — Miftah Ismail (@MiftahIsmail) September 25, 2022 × The announcement comes as Pakistan deals with an economic crisis made worse by the devastating floods. Also read | Former Pak finance minister Dar to end exile, return from London to resurrect cash-strapped economy 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

'It’s been an honour to serve twice as finance minister': Pakistan's Miftah Ismail confirms resignation

"We are talking to friends, donors, and agencies for assistance. There is a shortage of basic amenities due to floods", says Pakistan's Finance Minister Miftah Ismail while speaking to WION's Anas Mallick on Pakistan's worsening liquidity situation due to floods.

'There is a shortage of basic amenities due to floods', says Pak FM Miftah Ismail

Despite the devastating floods in Pakistan, the finance minister on Sunday, in a conversation with Reuters, said that the country would "absolutely not" fail its financial obligations, indicating no changes will be made to the economic reforms.&nbsp;

Miftah Ismail, finance minister, said, "The path to stability was narrow, given the challenging environment, and it has become narrower still." He further added, "But if we continue to take prudent decisions - and we will - then we're not going to default. Absolutely not."

Concerns started to flow after the horrific floods that caused billions of infrastructural damage and killed over 1,500 people. However, due to its harsh economic policies, the South Asian country was able to resume its IMF programme but didn't last long after the record-breaking rainfall began.

<a href="https://www.wionews.com/south-asia/pakistan-floods-un-expresses-concern-over-34-million-children-in-need-of-lifesaving-support-517484">Also read |&nbsp;Pakistan floods: UN expresses concern over 3.4 million children in need of lifesaving support</a>

Pakistan's central bank still stands at $8.6 billion despite receiving IMF assistance of $1.2 billion in August.

Ismail asserted that despite the disaster, most of the programmes are still on track. He further claimed that even though the floods caused a $4 billion damage increase in imports and exports, Pakistan would still be able to boost the reserves up to $4 billion. Ismail predicted that the current account deficit wouldn't rise by more than $2 billion.

Given that Pakitan's economy had already sustained an $!8 billion loss in floods which might rise to $30 billion, Ismail claimed that the international markets were nervous about the country. However, he said that the situation will get back to normal in 15 to 20 days and that the market will realise Pakitan's commitment to prudence.

<a href="https://www.wionews.com/south-asia/imf-to-work-with-international-community-to-support-flood-ravaged-pakistan-517482">Also read |&nbsp;IMF to work with international community to support flood-ravaged Pakistan</a>

Ismail promised that the upcoming payment of $1 billion in international bonds would surely be made. Furthermore, the finance minister stated that funding sources have been secured, including over $4 billion in the Asian Development Bank, the Asian Infrastructure Investment Bank, and the World Bank.

Miftah&nbsp;also stated that $5 billion will commence from Qatar during the current fiscal year. He went on to say that the $1 billion in UAE investment will have a significant impact on Pakistan's stock market. Ismail said that by the end of 2023, a $3 billion pledged investment from Qatar will happen.

Furthermore, he stated that Saudi Crown Prince Mohammed bin Salman has assured Pakistani Prime Minister Shehbaz Sharif of a $1 billion investment.&nbsp;

(With inputs from&nbsp; agencies)

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Despite the devastating floods in Pakistan, the finance minister on Sunday, in a conversation with Reuters, said that the country would "absolutely not" fail its financial obligations, indicating no changes will be made to the economic reforms.

Despite the devastating floods in Pakistan, the finance minister on Sunday, in a conversation with Reuters, said that the country would "absolutely not" fail its financial obligations, indicating no changes will be made to the economic reforms. Miftah Ismail, finance minister, said, "The path to stability was narrow, given the challenging environment, and it has become narrower still." He further added, "But if we continue to take prudent decisions - and we will - then we're not going to default. Absolutely not." Concerns started to flow after the horrific floods that caused billions of infrastructural damage and killed over 1,500 people. However, due to its harsh economic policies, the South Asian country was able to resume its IMF programme but didn't last long after the record-breaking rainfall began. Also read | Pakistan floods: UN expresses concern over 3.4 million children in need of lifesaving support Pakistan's central bank still stands at $8.6 billion despite receiving IMF assistance of $1.2 billion in August. Ismail asserted that despite the disaster, most of the programmes are still on track. He further claimed that even though the floods caused a $4 billion damage increase in imports and exports, Pakistan would still be able to boost the reserves up to $4 billion. Ismail predicted that the current account deficit wouldn't rise by more than $2 billion. Given that Pakitan's economy had already sustained an $!8 billion loss in floods which might rise to $30 billion, Ismail claimed that the international markets were nervous about the country. However, he said that the situation will get back to normal in 15 to 20 days and that the market will realise Pakitan's commitment to prudence. Also read | IMF to work with international community to support flood-ravaged Pakistan Ismail promised that the upcoming payment of $1 billion in international bonds would surely be made. Furthermore, the finance minister stated that funding sources have been secured, including over $4 billion in the Asian Development Bank, the Asian Infrastructure Investment Bank, and the World Bank. Miftah also stated that $5 billion will commence from Qatar during the current fiscal year. He went on to say that the $1 billion in UAE investment will have a significant impact on Pakistan's stock market. Ismail said that by the end of 2023, a $3 billion pledged investment from Qatar will happen. Furthermore, he stated that Saudi Crown Prince Mohammed bin Salman has assured Pakistani Prime Minister Shehbaz Sharif of a $1 billion investment. (With inputs from agencies) WATCH WION LIVE HERE

Pakistan will 'absolutely not' fail its financial debt, despite floods, says Finance Minister Miftah Ismail

Pakistani Finance Minister Miftah Ismail announced Thursday that the price of petrol has been moved up by PKR 30 to PKR 209.86, just a week after making a similar increase.

Pakistan government increases petrol price to PKR 209.86 per litre

Pakistan’s economy has been in the doldrums. With inflation rising and the government deficit reaching record&nbsp;heights, the new coalition government headed by PM Shahbaz Sharif has been taking all the possible steps to wrest the derailment of the country's economy.

In an exclusive conversation with WION correspondent Susan Tehrani, Pakistan Finance Minister Miftah Ismail talked about IMF rolling out another bailout package and the possibility of India-Pakistan trade that had been suspended following tensions over terrorism and&nbsp;the Kashmir issue.

WION: The International Monetary Fund (IMF) has set out five major conditions for the revival of the $6 billion bailout package for Pakistan, including the reversal of fuel subsidies, which you seem to agree with. But if this is enforced, would you be able to provide relief to the people of Pakistan?

Miftah Ismail:&nbsp; I think that it's very important for Pakistan to back the IMF program.

We have spent the last two-and-a-half years on this program, where the IMF was able to disperse $3 billion to us with another $3 billion in offing in the next six months. So, to give up this program just now when it was backdoored will make no sense to us. Also, we have some difficulty in raising funds right now and selling our Eurobonds right now in this very difficult market. So, it's very important that we have our multilateral partners.

In that context, we had a discussion with the IMF, which has agreed to send the mission to Pakistan in the middle of May to revive that 7th review, which would entail a tranche of at least a billion dollars or something like that. So, I look forward to welcoming the IMF mission in Pakistan, and one of the points of discussions with the IMF has been about reversing subsidies that were given by the last government in the last month of this government. These are a very large drain on the Government of Pakistan that we cannot sustain. And the amount of money we have to borrow to pay these subsidies is so large that it just crowds out all private investments and increases the deficit and fuels inflation.

So, in order to actually provide real relief to the people, we will not distort prices and try to pass on, in a gradual manner, the real price of fuel and then try to control inflation by cutting down on government deficits.

&nbsp;

WION: India is a country which has a huge market. Do you think it's time Pakistan got down to business? And do you see this happening given that both the prime ministers have engaged in a messaging of stability for the region?

Miftah Ismail: Well, I'm very happy that Prime Ministers Modi and Sharif exchanged civilized, decent messages. But that's not the first time that this has happened between the two countries' leaders. But I'm afraid that as long as Modi is riding on this wave of right-wing ideology and network, it would be very difficult to achieve a thaw in relations between Pakistan and India and get us to have engaged in more vigorous trade. But nonetheless, I can say this on behalf of the Government of Pakistan, if the Government of India is willing to engage with us then they would not find us unwilling. We will be happy to meet India halfway but, India has to sort out the (long-pending) issues and then focus on building peace in the region.

&nbsp;

WION: With the current account deficit (CAD) touching $20 billion this fiscal year, according to the IMF, PM Sharif is due to visit friendly countries —Saudi Arabia, China, and the UAE—ahead of the new budget. Are you optimistic that you will get some relief from them?

Miftah Ismail: My first task is to try and reduce the CAD as much as I can and hopefully, will end the year with not more than $16/17 billion in the CAD of the $20 billion. That's the first point. Secondly, yes, the prime minister is going to visit friendly countries. We have very deep historic ties with Saudi Arabia and the UAE and China have been an all-weather friend of ours. The visit will not be, per se, to get help with the budget or financial support, but you know if it's forthcoming then yes, I would note that these friends have always stood by Pakistan.

With Saudi Arabia, we talked about building a refinery either near Gwadar or Karachi. Saudi Arabia has done a lot of investments in India and at that time also, they said that they were looking to invest in Pakistan. They were also interested in buying certain power plants in Pakistan as part of our privatisation program —these are the point of discussion. Saudi Arabia and UAE are big suppliers of energy to us and so is Qatar. There are multiple issues that we need to talk to these countries.

&nbsp;

WION: On your way to Washington, you met former premier Nawaz Sharif. What are his plans?

Miftah Ismail: Yes, I did meet him. I was on an exit control list for the last three years so, I have not been able to see him. It was a pleasure to go and meet him. I really didn't discuss his plans so much, as we were discussing the state of Pakistan's economy. He showed a lot of concern over what was happening to the Pakistan economy.

&nbsp;

WION: Pakistan has this fog of the Financial Action Task Force (FATF) somewhat hovering over its skies. And there's a review pending in June. Are there any plans on taking Pakistan out of the FATF’s grey list?

Miftah Ismail: I have criticized the PTI government and rightly so on almost everything that they've done. But there are some key areas in which they did some good work. And I'm going to build on that work and try and get Pakistan out of the grey list by June this year, and I'm very optimistic. I have spoken to some people in Washington and I'm quite optimistic that Pakistan will be taken out of the list. I've also spoken to our ambassador, who seems quite optimistic.

&nbsp;

WION: And what about the smuggling of the US dollars into Afghanistan. Pakistan needs US dollars to sustain.&nbsp;The previous government alleged that dollars are being smuggled on a daily basis to neighbouring Afghanistan. Any plans to stop that?

Miftah Ismail: So, there are two to three issues that I, as an economist, would like to address. If dollars are being smuggled out of, let’s say, Pakistan territory into Afghanistan but it's paid for with the Afghan currency, then it doesn't affect the exchange rate between the Pakistani rupee and dollars. There's no effect, no bearing on the exchange rate. You know, the transaction could be physically taking place in Islamabad or Dubai, or it could be taking place in London, it doesn't really matter as long as the payment is being made in Afghani rupee/currency. It has no bearing on our current exchange rate.

The other tissue is the cross-border smuggling of currencies. I think the Pakistani government has put serious controls over these exchange companies.

Pakistan’s economy has been in the doldrums. With inflation rising and the government deficit reaching record heights, the new coalition government headed by PM Shahbaz Sharif has been taking all the possible steps to wrest the derailment of the country's economy.

Pakistan’s economy has been in the doldrums. With inflation rising and the government deficit reaching record heights, the new coalition government headed by PM Shahbaz Sharif has been taking all the possible steps to wrest the derailment of the country's economy. In an exclusive conversation with WION correspondent Susan Tehrani, Pakistan Finance Minister Miftah Ismail talked about IMF rolling out another bailout package and the possibility of India-Pakistan trade that had been suspended following tensions over terrorism and the Kashmir issue. WION: The International Monetary Fund (IMF) has set out five major conditions for the revival of the $6 billion bailout package for Pakistan, including the reversal of fuel subsidies, which you seem to agree with. But if this is enforced, would you be able to provide relief to the people of Pakistan? Miftah Ismail: I think that it's very important for Pakistan to back the IMF program. We have spent the last two-and-a-half years on this program, where the IMF was able to disperse $3 billion to us with another $3 billion in offing in the next six months. So, to give up this program just now when it was backdoored will make no sense to us. Also, we have some difficulty in raising funds right now and selling our Eurobonds right now in this very difficult market. So, it's very important that we have our multilateral partners. In that context, we had a discussion with the IMF, which has agreed to send the mission to Pakistan in the middle of May to revive that 7th review, which would entail a tranche of at least a billion dollars or something like that. So, I look forward to welcoming the IMF mission in Pakistan, and one of the points of discussions with the IMF has been about reversing subsidies that were given by the last government in the last month of this government. These are a very large drain on the Government of Pakistan that we cannot sustain. And the amount of money we have to borrow to pay these subsidies is so large that it just crowds out all private investments and increases the deficit and fuels inflation. So, in order to actually provide real relief to the people, we will not distort prices and try to pass on, in a gradual manner, the real price of fuel and then try to control inflation by cutting down on government deficits. WION: India is a country which has a huge market. Do you think it's time Pakistan got down to business? And do you see this happening given that both the prime ministers have engaged in a messaging of stability for the region? Miftah Ismail: Well, I'm very happy that Prime Ministers Modi and Sharif exchanged civilized, decent messages. But that's not the first time that this has happened between the two countries' leaders. But I'm afraid that as long as Modi is riding on this wave of right-wing ideology and network, it would be very difficult to achieve a thaw in relations between Pakistan and India and get us to have engaged in more vigorous trade. But nonetheless, I can say this on behalf of the Government of Pakistan, if the Government of India is willing to engage with us then they would not find us unwilling. We will be happy to meet India halfway but, India has to sort out the (long-pending) issues and then focus on building peace in the region. WION: With the current account deficit (CAD) touching $20 billion this fiscal year, according to the IMF, PM Sharif is due to visit friendly countries —Saudi Arabia, China, and the UAE—ahead of the new budget. Are you optimistic that you will get some relief from them? Miftah Ismail: My first task is to try and reduce the CAD as much as I can and hopefully, will end the year with not more than $16/17 billion in the CAD of the $20 billion. That's the first point. Secondly, yes, the prime minister is going to visit friendly countries. We have very deep historic ties with Saudi Arabia and the UAE and China have been an all-weather friend of ours. The visit will not be, per se, to get help with the budget or financial support, but you know if it's forthcoming then yes, I would note that these friends have always stood by Pakistan. With Saudi Arabia, we talked about building a refinery either near Gwadar or Karachi. Saudi Arabia has done a lot of investments in India and at that time also, they said that they were looking to invest in Pakistan. They were also interested in buying certain power plants in Pakistan as part of our privatisation program —these are the point of discussion. Saudi Arabia and UAE are big suppliers of energy to us and so is Qatar. There are multiple issues that we need to talk to these countries. WION: On your way to Washington, you met former premier Nawaz Sharif. What are his plans? Miftah Ismail: Yes, I did meet him. I was on an exit control list for the last three years so, I have not been able to see him. It was a pleasure to go and meet him. I really didn't discuss his plans so much, as we were discussing the state of Pakistan's economy. He showed a lot of concern over what was happening to the Pakistan economy. WION: Pakistan has this fog of the Financial Action Task Force (FATF) somewhat hovering over its skies. And there's a review pending in June. Are there any plans on taking Pakistan out of the FATF’s grey list? Miftah Ismail: I have criticized the PTI government and rightly so on almost everything that they've done. But there are some key areas in which they did some good work. And I'm going to build on that work and try and get Pakistan out of the grey list by June this year, and I'm very optimistic. I have spoken to some people in Washington and I'm quite optimistic that Pakistan will be taken out of the list. I've also spoken to our ambassador, who seems quite optimistic. WION: And what about the smuggling of the US dollars into Afghanistan. Pakistan needs US dollars to sustain. The previous government alleged that dollars are being smuggled on a daily basis to neighbouring Afghanistan. Any plans to stop that? Miftah Ismail: So, there are two to three issues that I, as an economist, would like to address. If dollars are being smuggled out of, let’s say, Pakistan territory into Afghanistan but it's paid for with the Afghan currency, then it doesn't affect the exchange rate between the Pakistani rupee and dollars. There's no effect, no bearing on the exchange rate. You know, the transaction could be physically taking place in Islamabad or Dubai, or it could be taking place in London, it doesn't really matter as long as the payment is being made in Afghani rupee/currency. It has no bearing on our current exchange rate. The other tissue is the cross-border smuggling of currencies. I think the Pakistani government has put serious controls over these exchange companies.

Happy to meet India halfway, but…: Pak minister Miftah Ismail speaks to WION on trade ties, IMF package

Pakistan said on Friday it expected economic growth of 6.2 per cent as it announced a 2018/19 budget ahead of national elections expected in July.

Newly appointed Finance Minister Miftah Ismail announced the annual budget, while the opposition called for a budget covering only the remaining two months of the federal government`s tenure.&nbsp

Here are the highlights of the budget from the official federal budget document for the fiscal year starting on July 1.

Growth/fiscal deficit

GDP growth in 2018/19 growth seen at 6.2 per cent.

Finance minister Ismail said, "We have taken GDP to 5.8 percent. This progress we have made. We will not interrupt it, but the incoming government will have the right to modify the budget."

2018/19 fiscal deficit seen at 4.9 per cent of GDP.

Expenditure

Total expenditure for 2018/19 seen at 5.9 trillion rupees ($51 billion)

Opposition reaction

Two main opposition parties said it is improper to make a full-year budget with just months to go before the elections.

Taxation

Budget estimates tax revenue of 4.9 trillion rupees.

Minister Ismail said the government is using data mining and other technologies to track tax evaders.

Infrastructure

Government to spend on a large-scale desalination plant in Karachi city to end the city`s water woes.

Agriculture

Loans to the agriculture sector to increase.&nbsp

Health

Package for children`s health announced.&nbsp

Education

Government to pay for the transportation of female students to school.

Newly appointed Finance Minister Miftah Ismail announced the annual budget, while the opposition called for a budget covering only the remaining two months of the federal government's tenure

Pakistan said on Friday it expected economic growth of 6.2 per cent as it announced a 2018/19 budget ahead of national elections expected in July. Newly appointed Finance Minister Miftah Ismail announced the annual budget, while the opposition called for a budget covering only the remaining two months of the federal government`s tenure. Here are the highlights of the budget from the official federal budget document for the fiscal year starting on July 1. Growth/fiscal deficit GDP growth in 2018/19 growth seen at 6.2 per cent. Finance minister Ismail said, "We have taken GDP to 5.8 percent. This progress we have made. We will not interrupt it, but the incoming government will have the right to modify the budget." 2018/19 fiscal deficit seen at 4.9 per cent of GDP. Expenditure Total expenditure for 2018/19 seen at 5.9 trillion rupees ($51 billion) Opposition reaction Two main opposition parties said it is improper to make a full-year budget with just months to go before the elections. Taxation Budget estimates tax revenue of 4.9 trillion rupees. Minister Ismail said the government is using data mining and other technologies to track tax evaders. Infrastructure Government to spend on a large-scale desalination plant in Karachi city to end the city`s water woes. Agriculture Loans to the agriculture sector to increase. Health Package for children`s health announced. Education Government to pay for the transportation of female students to school.

Pakistan government presents annual budget two months before term ends

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