Pakistan’s finance minister, Miftah Ismail, said on Sunday that he planned to leave the job for good. Pakistan is in the middle of an economic crisis that has been made worse by terrible flooding. This change is happening at the same time.
Ismail said in a Tweet, “I have verbally resigned as Finance Minister.” He also said that he had told the country’s prime minister, Shehbaz Sharif, about his plans. When I get to Pakistan, I’ll quit for real,” he said.
During a meeting with Prime Minister Shehbaz Sharif and Mian Nawaz Sharif today, I quit my job as the finance minister.
Ismail is the seventh finance minister to be replaced in less than four years. This is because Pakistan’s economy is still unstable, its current account deficit is growing quickly, and rising inflation is putting pressure on both businesses and households.
This month, devastating floods that hit a large part of Pakistan only made the situation worse. More than 1,500 people died and $30 billion worth of damage was done because of the disaster. This made people worry that Pakistan wouldn’t be able to pay its bills.
The Prime Minister and Ismail both said,
Friday, investors got some good news.
The government won’t ask commercial banks or Eurobond creditors to help pay off the country’s debt. Instead, the South Asian country will ask bilateral creditors for help.
