Miftah officially steps down as finance minister

Submits written resignation to PM Shehbaz; says ‘honour’ to serve country under premier’s leadership

Pakistan Muslim League-Nawaz (PML-N) leader Miftah Ismail officially resigned from the office of finance minister on Tuesday, days after announcing that he had verbally informed the premier of his decision to step down from the post.

Miftah steps down as former finance czar and PML-N leader Ishaq Dar is set to take the reins of the office.

The minister submitted his written resignation to Prime Minister Shehbaz Sharif, stating that it was “an honour to serve the country” under his leadership.

“I am resigning from my post as finance and revenue minister,” his resignation declared.

The development came on Sunday after an important PML-N meeting was held under the chairmanship of party supremo and former prime minister Nawaz Sharif in London.

Prime Minister Shehbaz Sharif, Information Minister Marriyum Aurangzeb, Miftah, Dar and Malik Muhammad Ahmad Khan attended the huddle.

In the meeting, the country’s overall political situation was discussed in detail.

Earlier, Miftah submitted his unofficial resignation to the PML-N supreme leader, saying the ministry was entrusted to him by the party.

“I worked to the best of my ability for four months, and remained loyal to the party and the country,” a PML-N statement quoted Miftah as saying during the meeting.

Nawaz appreciated the efforts made by Miftah to carry out the responsibilities under “tough economic challenges”.

During the huddle, PM Shehbaz and party supremo Nawaz nominated Dar as the new finance minister of the country.

The participants of the meeting were of the view that the incumbent government had to “put out the fire of economic disaster” caused by the previous PTI-led regime.

Senate Chairman Sadiq Sanjarani on Tuesday administered oath to senior PML-N leader Ishaq Dar as senator amid protest by PTI.

The session began with the recitation of the Holy Quran after which Dar was sworn in.

The 321st session of the 20th Parliamentary year commenced with the recitation of the Holy Quran. Chairman Senate Muhammad Sadiq Sanjrani chairing the session.

Member of the Upper House, Ishaq Dar took oath as new senator. Chairman Senate administered the oath.

— Senate of Pakistan (@SenatePakistan) September 27, 2022

During the ceremony, PTI senators gathered near the rostrum and chanted slogans after which the chairman called in security personnel.

Soon after the oath, the chairman opened the floor for discussions. Subsequently, the law minister welcomed Dar and hoped that he would serve the country, as he had done in the past.

Addressing the opposition senator, Tarar said: “We have always taken care of the sanctity of this house and we have always shown respect”.

The laws and Constitution are applicable to everyone […] your reservations are your personal ones, he added.

However, Leader of the Opposition Dr Shahzad Wasim said that the tradition of the house had never been that a “man absconds and comes back”. “His seat is empty for four years. An ordinance is introduced only to protect him.”

The PTI senator went on to allege that the prime minister helped Dar escape. “According to my information, he [Dar] has not surrendered before the court, he has come straight to the Senate. Does the Senate not have any respect? Absconders come and go […]”

Before the oath, Dar met Sanjrani in the chairman’s chamber as the leaders discussed political matters. He was accompanied by Law Minister Azam Nazeer Tarar and Interior Minister Rana Sanaullah.

Dar landed at the Nur Khan Airbase in Rawalpindi yesterday night alongside Prime Minister Shehbaz Sharif to take over the charge of the finance portfolio, which he has previously held on three occasions.

Talking to reporters at the airbase, he said: “I will try my best to fulfil all the responsibilities. We will try to take the country out of the economic swamp it is stuck in […] the way we did in 1998-1999 and 2013-2014.”

Dar is expected to be sworn in as the finance minister as well, sources told. Earlier in the day, former finance minister Miftah Ismail formally tendered his resignation to the prime minister.

The change of command at the Ministry of Finance comes during a dark time for the country’s economy, which is hounded by fears of default after being hit by unprecedented currency devaluation and devastating floods.