Pakistan finance minister to step down amid International Monetary Fund bailout talks

Marriyum Aurangzeb

Pakistan Peoples Party (PPP) leader Khursheed Shah is the latest politician to weigh in on Asad Umar stepping down as the finance minister.

People have been speculating about the reshuffling of PM Imran Khan's cabinet after Asad Umar stepped down as the finance minister on Thursday.

Later, addressing a press conference here, Umar said that it was time to make some "difficult decisions" to stabilise the economy and that he hopes his replacement would be supported in their efforts.

Asad Umar had been fighting fire for several months now even as Pakistan's economy went from bad to worse to absolute tatters.

"Hafeez Sheikh was our minister of finance".

Three days after, Finance Minister Asad Umar announced on Twitter that he was offered the portfolio of energy.

The current Finance Minister of Pakistan, Asad Umar has made a decision to step down from his post.

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Imran Khan also appointed new minister for interior and other key portfolios.

Pakistan has so far received a total of United States dollars 9.1 billion in financial aid packages from friendly countries like China, Saudi Arabia and the UAE during the current fiscal year.

There was no immediate statement from Khan's office or confirmation of who would replace Umar, and it was not clear how Umar's absence would impact the deal.

"I believe that this decision should be made as soon as possible. we are about to go to the International Monetary Fund, we are about to present the budget".

In Pakistan it is common for financial experts to be given the title of "adviser", rather than federal minister, to head the finance ministry when they are not a sitting member of parliament.

However, Information Minister Fawad Chaudhry denied the reports of the reshuffle.

Major (r) Azam Suleman, who is serving as federal interior secretary, is a strong candidate for the post of chief secretary.

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