Pakistan's finance minister Miftah Ismail says he will formally resign from role

Finance Minister Dr Miftah Ismail confirmed on Sunday that he will step down from his position, a development that took place as the Pakistan Muslim League-Nawaz (PML-N), leader of the coalition government, held a high-level huddle in London.

Miftah, who accompanied Prime Minister Shehbaz Sharif to London, said he has "verbally resigned as Finance Minister".

"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," said Miftah in a tweet.

It was reported earlier that PML-N supremo, Nawaz Sharif, nominated ex-finance minister Ishaq Dar as Miftah’s replacement.

Dar is expected to return to Pakistan along with PM Shehbaz, and take oath as the finance minister on Tuesday.

Nawaz Sharif commended Miftah's efforts to steer Pakistan out of a default-like situation.

Miftah also thanked the PML-N leadership for entrusting him with the responsibility and said that he diligently served his duties during his brief four-month tenure.

Miftah is the fifth finance minister to be replaced in less than four years as Pakistan's economy has witnessed persistent turbulence while its current account deficit has widened starkly and rising inflation has put pressure on both families and businesses.

Earlier, it had been reported that Nawaz Sharif was displeased with the current economic policies and had called for a change in direction.

Nawaz was worried about skyrocketing inflation that had directly affected ordinary people, impacting PML-N's vote-bank.

Adding to the crisis, devastating floods have engulfed large swathes of Pakistan this month. The disaster killed more than 1,500 people and caused damage estimated at $30 billion, fanning fears that Pakistan would not meet its debts.

Miftah, echoed by the Prime Minister, reassured investors on Friday that the South Asian nation was seeking debt relief from bilateral creditors and emphasised the government would not seek any relief from commercial banks or Eurobond creditors.

The change in leadership seemed to be in offing after Interior Minister Rana Sanaullah confirmed that Dar will return to Pakistan next week.

Dar will take oath as a Senator, and subsequently as the finance minister of the country.

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