ISLAMABAD: Pakistan's finance minister Miftah Ismail said on Sunday he planned to formally resign from the role, a change that comes as the country grapples with an economic crisis exacerbated by destructive flooding.
I have verbally resigned as Finance Minister, Ismail said in a Tweet that he had signalled his plans to the country's Prime Minister Shehbaz Sharif during a meeting. He said I will give a formal resignation upon reaching Pakistan.
Ismail and Sharif are currently in London and are due to return to Pakistan early next week.
Ismail is the fifth finance minister to be replaced in less than four years as Pakistan's economy has seen continued turbulence while its current account deficit has widened and rising inflation has put pressure on both families and businesses.
Large areas of Pakistan were swathes affected by the devastating floods this month. The disaster killed more than 1,500 people and caused damage estimated to be worth $30 billion, sparking fears that Pakistan wouldn't meet its debts.
Ismail, as reassured investors on Friday, said the government would not seek any relief from commercial banks or Eurobond creditors and that the South Asian nation was seeking debt relief from bilateral creditors.