The Cabinet Division has issued the notifications of the removal of Dr Abdul Hafeez Shaikh and the appointment of Hammad Azha as Finance Minister on Tuesday.

“In exercise of the powers conferred by clause (3) of Article 92 of the Constitution of the Islamic Republic of Pakistan, the President, on the advice of the Prime Minister, has been pleased to approve the removal of Dr. Abdul Hafeez Shaikh as Federal Minister, with immediate effect,” read the notification.

Prime Minister Imran Khan decided to remove Finance Minister Dr Abdul Hafeez Shaikh as Finance Minister due to his “failure” to check rising inflation and replace him with Minister for Industries and Production Hammad Azhar.

Azhar, who is given the additional charge of finance and revenue affairs, will be the third finance minister to be appointed since the Pakistan Tehrik-e-Insaf (PTI) came to power following the 2018 general elections.

Minister for Information and Broadcasting Senator Shibli Faraz at a private news channel said that the prime minister has also decided to form a new economic team.