Pakistan’s Finance Minister Miftah Ismail has said that he will formally step down from his position. He is the fifth finance minister to step down in less than four years. The recent floods have made the country’s economic situation worse.
In a Sunday tweet, Ismail said, “I have verbally resigned as Finance Minister.” He added that he had told Prime Minister Shehbaz Sharif of his plans during a meeting. “When I get to Pakistan, I will give a formal resignation,” he said. Ismail and Sharif are in London now, but they will return to Pakistan at the beginning of next week.
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
Pakistan’s economy has been in trouble for a long time. Its current account deficit has worsened, and rising prices have put pressure on families and businesses. The crisis worsened this month when devastating floods caused damage estimated at $30 billion and killed more than 1,500 people.
On Saturday, the World Bank said it would give Pakistan about $2 billion in aid. Martin Raiser, the vice president of the World Bank for South Asia, made the promise in a statement late Saturday night. He had just finished his first official trip to the country.
“We are very saddened by the loss of lives and ways of making a living because of the terrible floods, and we are working with the federal and provincial governments to help those who are hurting the most right away,” he said.
In a meeting with Sharif last week at the UN General Assembly, the World Bank agreed to give Pakistan $850 million to help with flood damage. This amount is part of the $2 billion total.
In the last two months, Pakistan has sent nearly 10,000 doctors, nurses, and other medical workers to Sindh province, which was hit the hardest by the floods. They are helping the people there get better.
Ismail and the prime minister told investors on Friday that the South Asian country was trying to get debt relief from its bilateral creditors. They stressed that the government would not try to get debt relief from commercial banks or Eurobond creditors.