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Pak PM Imran Khan Appoints New Finance Ministry Chief Amid Economic Crisis

Pak PM Imran Khan Appoints New Finance Ministry Chief Amid Economic Crisis

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.

"As part of a cabinet reshuffle, PM desired that I take the energy minister portfolio instead of finance", Asad Umar tweeted.

As finance minister, Umar wrote letter to the Paris-based an global terror financing watchdog Financial Action Task Force (FATF) to remove India from the co-chair of its Asia-Pacific group.

Imran Khan's government inherited a wobbly economy but the former cricketer has come under intense criticism for failing to fulfil his promises that he would steady the ship and bring prosperity to Pakistan.

He said that an International Monetary Fund mission is expected to visit Islamabad later this month to work out more details "since all major issues had been settled and documented", he said.

Umar's resignation followed a major shake-up of the cabinet with Fawad Chaudhry, Ghulam Sarwar Khan and Shehryar Afiridi asked to relinquish charge of their ministries too.

Pink Moon set to illuminate the skies Friday
The April Full Moon will begin shortly after midday, and while the name says " Pink moon ", the moon won't appear literally pink. Reportedly, the region will get to experience what's known as a " pink moon " tonight and early Friday morning.

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.

According to the sources, Prime Minister Imran Khan showed dissatisfaction over the performance of the current Finance Minister.

Dr Firdous Ashiq Awan was appointed as Special Assistant to Prime Minister on Information and Nadeem Babar appointed as SAPM on Petroleum Division.

Abdul Hafeez Shaikh, a U.S-educated economist who worked at Harvard University, also spent many years working for the World Bank and had also been the privatisation minister during the government of former military dictator General Pervez Musharraf.

The central bank last month lowered growth forecasts and raised interest rates at a time when inflation is at a five-year high.

Pakistan has so far received a total of United States $9.1 billion in financial aid packages from friendly countries like China, Saudi Arabia and the UAE during the current fiscal year. The IMF paints a gloomier picture, predicting growth of 2.9 per cent in 2019 and 2.8 per cent the following year.


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