Miftah Ismail, the finance minister of Pakistan, has announced that he will formally resign from his position amid the economic crisis made worse by recent catastrophic flooding. He is the fifth finance minister to leave office in less than four years.
Ismail declared in a Tweet on Sunday, ‘I have verbally resigned as Finance Minister,’ adding that he had previously informed Shehbaz Sharif, the nation’s prime minister, of his intentions. ‘Once I get to Pakistan, I will formally quit,’ he continued.
Ismail and Sharif will depart from London for Pakistan early the next week.
The current account deficit in Pakistan’s economy has sharply increased, while growing inflation has put pressure on both households and businesses.
Devastating floods this month that killed more than 1,500 people and inflicted $30 billion in damage exacerbated the problem.
The World Bank said on Saturday that it will give Pakistan around $2 billion in help.
Martin Raiser, vice president of the World Bank for South Asia, made the commitment in an evening statement following the conclusion of his first official visit to the nation on Saturday.
We are working with the federal and provincial governments to offer immediate relief to those who are most affected. ‘We are deeply saddened by the loss of lives and livelihoods caused by the devastating floods,’ the statement reads.
Following a meeting with Sharif last week on the sidelines of the UN General Assembly, the World Bank decided to give Pakistan $850 million in flood aid. That sum is included in the $2 billion number.
The Sindh province, which was the hardest hit by the floods, has received treatment from about 10,000 doctors, nurses, and other medical personnel during the previous two months.
Ismail reassured investors on Friday that the South Asian country was pursuing debt relief from bilateral creditors and emphasised the government would not pursue relief from commercial banks or Eurobond creditors. The prime minister echoed Ismail’s remarks.
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