Pak's ex-finance minister Miftah Ismail to be named finance chief ahead of IMF talks: report
Apr 13, 2022
Islamabad [Pakistan], April 14 : Miftah Ismail, former Pakistan finance minister is likely to be named as the new finance chief of the country ahead of crucial talks with the International Monetary Fund as the country's economy is in dire straits.
The new economic team will have to deal with depleting foreign exchange reserves that have dropped to levels that can fund just a couple of months of imports.
Newly elected Prime Minister Shehbaz Sharif may name Ismail and the rest of the cabinet within 24 hours, Geo tv reported citing Uk media.
According to reports, Ismail is said to be among the officials responsible for negotiating with the IMF to resume the USD 6 billion programme that went into jeopardy after former Prime Minister Imran Khan unexpectedly decreased energy prices, despite an agreement with the lender for the opposite.
The International Monetary Fund (IMF) had expressed concerns over the financial impact and financing sources of Imran Khan's relief package on electricity and petroleum prices.
The Dawn newspaper had reported that the international body was left unconvinced by the Pakistan Tehreek Insaf (PTI) government's justifications for the announced amnesty scheme.
Pakistan's total debt and liabilities jumped to the record PKR 50.5 trillion at the end of September 2021, an addition to PKR 20.7 trillion in the past 39 months. There was an increase of nearly 70 per cent in total debt of the country.
Meanwhile, Shehbaz Sharif may take some time to appoint a new Cabinet as he knows the fragile nature of the ruling alliance and wants to take along all his allies, according to a media report on Wednesday.
The MQM-Pakistan (MQM-P), which was a key constituent of the Imran Khan government, has decided not to join the federal cabinet and extend outside support to the government formed by new Prime Minister.
Citing The News International, Geo News reported that MQM-P convener Dr Khalid Maqbool Siddiqui said that the party is more interested in getting commitments made by coalition partners fulfilled.
MQM-P was a key ally of the alliance led by Pakistan Tehreek-e-Insaf and its switching sides to the opposition parties led to the fall of Imran Khan government on Sunday.
Siddiqui said that his party had discussed the formation of the new cabinet with the leaders of coalition partners in detail, reported Geo News.
