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Miftah Ismail officially steps down as finmin, hands over resignation letter to PM Shehbaz

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2 years ago

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  • Earlier, Miftah verbally tendered his resignation to PML-N supremo Nawaz Sharif in London.
  • Miftah will be replaced as finmin by PML-N leader Ishaq Dar tomorrow.
  • He says he worked to “best of abilities” during tenure. 

PML-N leader Miftah Ismail on Tuesday officially stepped down as the finance minister of the country by handing over his resignation letter to Prime Minister Shehbaz Sharif.

On Sunday, he had verbally tendered his resignation to PML-N supremo Nawaz Sharif in London following the party’s decision. 

Later, he took to Twitter and wrote: “In a meeting with Mian Nawaz Sharif and PM Shehbaz Sharif today, I have verbally resigned as finance minister. I will tender a formal resignation upon reaching Pakistan. It’s been an honour to serve twice as finance minister. Pakistan Paindabad.”

The decision to remove Miftah as the finmin was made during a meeting of PML-N leaders in London, including Nawaz Sharif, PM Shehbaz, and others. 

After resigning, Miftah thanked Nawaz and said that over the last four months, he performed to the best of his abilities and remained loyal to his party as well as the country.

While accepting his resignation, Nawaz praised Miftah’s efforts and the way he carried out his duties at a time when the country was facing an economic crisis.

PML-N leader Ishaq Dar — who arrived in Pakistan on Monday after a five-year exile in London and took oath as a senator today — will be replacing Miftah as the finance minister, while Miftah will also remain part of the government.

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Business

In interbank trade, the Pakistani rupee beats the US dollar.

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6 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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7 days ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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Business

The inflation rate in Pakistan dropped to its lowest level.

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7 days ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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