National Assembly Standing Committee on Finance Wednesday elected Pakistan Tehreek-e-Insaf MNA Faizullah Kamoka as its chairman unanimously.

Kamoka will replace Asad Umar following latter's appointment as federal minister for planning and development. Umar, who recently rejoined the federal cabinet as the minister for planning and development stepped down as the chairman of the National Assembly Standing Committee on Finance. Speaker National Assembly Asad Qaiser accepted his resignation. Umar, being a federal minister, will no longer be part of the committee.

The committee members unanimously voted in favor of PTI MNA Faizullah Kamoka as new chairman of the committee. His name had been recommended by Information Secretary Pakistan Peoples Party (PPP) Dr Nafisa Shah and endorsed by PTI MNA Sardar Nasrullah Khan Dareshak.

"As the chairman of this committee, I will take all its members forward together," said Kamoka, as he thanked the committee members for their vote of confidence. The committee members paid tribute to Umar for having served the committee dutifully. A resolution to pay tribute to him was also passed by the committee.

Umar had previously served as the finance minister for over eight months, from August 20 last year to April 18 this year. At the time of his removal from the Finance Ministry, the Prime Minister had offered him the portfolio of petroleum minister, but he had declined, saying he would work for the party while being outside the cabinet.