Lagatar24 Desk
Islamabad, Sept 26: Miftah Ismail, the finance minister of Pakistan, has announced that he will formally resign from his position amid an economic crisis made worse by recent catastrophic flooding. He is the fifth finance minister to leave office in less than four years.
“I have verbally resigned as Finance Minister,” he said in a Tweet on Sunday, adding that he had signalled his plans to the country’s Prime Minister Shehbaz Sharif during a meeting.
“I will tender a formal resignation upon reaching Pakistan,” he added.
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.
