The new government of PMLN is said to have selected former Treasury Secretary Miftah Ismail as its new chief financial officer ahead of crucial talks with the International Monetary Fund.
According to reports, the newly elected Prime Minister Shehbaz Sharif has 24 hours to appoint Ismail and the rest of the cabinet.
As for the federal cabinet, sources told the publication that the coalition government is still negotiating the portfolio allocation and no final decision has been made yet.
Ismail is said to be one of the officials responsible for negotiations with the IMF to restart the $6 billion program that was jeopardized after former Prime Minister Imran Khan unexpectedly cut energy prices, despite an agreement with the lender to the contrary. had been agreed.
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It’s worth noting that the new government’s economic team will also face Asia’s second-fastest inflation and dwindling foreign exchange reserves, which have fallen to levels that can fund imports for just a few months.
The Bank of Pakistan has also raised the interest rates – “maximum since 1996” – to 12.25% to help alleviate the crisis.
Earlier, in an interview with Bloomberg, Ismail said Pakistan plans to work with the IMF to stabilize the economy.
Pakistan’s new government is said to have selected Miftah Ismail as the new finance chief ahead of crucial talks with the IMF https://t.co/Nzo9TfmG5j
— Bloomberg (@business) April 13, 2022
The government will prioritize cutting its budget deficit and halting a decline in the foreign exchange reserves that will support the rupee.
The publication said Ismail declined to comment on his potential nomination, while government spokeswoman Marriyum Aurangzeb and the prime minister’s office did not respond to requests for comment.
