Facing heat over crumbling economy, Pakistan`s finance minister steps down

Pakistan’s Finance Minister Resigns Amid Economic Crisis

Pakistan’s Finance Minister Resigns Amid Economic Crisis

Umar acknowledged his successor would have to make "some hard decisions" to deal with economic challenges facing Pakistan.

Umar was removed as the finance minister on Thursday after facing mounting criticism in recent weeks over the state of Pakistan's economy. "There is no truth in reports regarding changes in posts of federal ministers".

It all started with Asad Umar, who announced his resignation in the afternoon, followed by dismissal of some ministers and re-allocation of portfolios of others. "Since this government has come the people of Pakistan have drowned in a tsunami of inflation".

The incumbent government is taking four names under consideration for the post of finance advisor as Pakistan Tehreek-e-Insaf (PTI) leader Asad Umar has made a decision to resign as Finance Minister, sources reported. "I refused to take the decisions that would have crushed the nation", Umar said without elaborating.

Umar tweeted Thursday, April 18, 2019 that Prime Minister Imran Khan offered him the energy portfolio in the Cabinet but he refused.

Post launch Status Briefing for Northrup Grumman Mission to Space Station
However, the first group of long-term residents on board the space station did not arrive until two years later in November 2000. The ISS - a rare area of cooperation between Moscow and Washington - has been orbiting the Earth since 1998.

Asad Umar had been fighting fire for several months now even as Pakistan's economy went from bad to worse to absolute tatters. "I strongly believe @ImranKhanPTI is the best hope for Pakistan and inshallah (God willing) will make a naya (new) pakistan", he wrote. "In my meeting with him I convinced him to allow me to step down from the cabinet", Umar told reporters.

Addressing a press conference later in the day, the PTI leader explained that despite leaving the ministry he was "available to support PM's vision on naya Pakistan".

According to Umar, tough decisions were taken to overcome the economic crisis in the country and his replacement would be taking over a tough job.

Now, critics of Umar and the PTI government are saying that the finance minister had no choice but to resign because of his inabilities.

Finance Minister Umar said earlier this month that a mission of the International Monetary Fund would visit Islamabad soon after the spring meetings of the World Bank Group, which includes the International Monetary Fund, and an agreement should be signed by the end of this month.

Recommended News

  • Sri Lanka announce 15-member squad for ICC World Cup 2019

    Sri Lanka announce 15-member squad for ICC World Cup 2019

    He had a call with Sri Lanka's chief selector Asantha de Mel before sending the message on group. "The openers were not in form. The 1996 champions begin their title challenge against New Zealand at the Sophia Gardens in Cardiff on June 1.
    Joko Widodo likely victor  of Indonesian elections but Prabowo won't go easy

    Joko Widodo likely victor of Indonesian elections but Prabowo won't go easy

    The president had appealed to people on Wednesday to wait until the General Elections Commission announced the result. Election workers dressed in superhero costumes register voters at a polling station on Wednesday.
    BHP cuts iron ore forecasts after Australia cyclone

    BHP cuts iron ore forecasts after Australia cyclone

    Inventory of imported iron ore at Chinese ports stood at 148.9 million tonnes as of April 12, data compiled by SteelHome showed. However, the miner maintained annual production guidance for copper at 1.65 million tonnes to 1.74 million tonnes.
  • Report details camera enhancements for 2019 iPhones

    Report details camera enhancements for 2019 iPhones

    Renders of Apple's rear-facing triple camera system recently hit the web and the feedback hasn't exactly been positive. Both of these models will apparently use a 12MP sensor with ultra-wide lens manufactured exclusively by Sony.
    Marvel drama The Gifted cancelled

    Marvel drama The Gifted cancelled

    However, it didn't make the cut for Season 3 after losing nearly half its viewership over the course of the season. Scully are set up under overall deals at 20th Century Fox Television, which produced the show.
    Colorado Avalanche fan appears to wave kale in support of Cale Makar

    Colorado Avalanche fan appears to wave kale in support of Cale Makar

    Defensively, the Colorado Avalanche are allowing 2.5 goals per game and are killing 73.7 percent of their opponents power plays. The Flames are trying to avoid a similar fate as Tampa Bay, the No. 1 seed in the East who lost to Columbus in the first round.
  • OnePlus 7 Pro to reportedly come with Quad HD+ display

    OnePlus 7 Pro to reportedly come with Quad HD+ display

    OnePlus 7: Likely specs The flagship OnePlus 7 is likely to be powered by Qualcomm Snapdragon 855 processor and 6.67-inch display. However, the cost-cutting that OnePlus does to offer those eye-catching features goes unnoticed by most people.
    Extinction Rebellion members chain themselves to premier's Montreal office

    Extinction Rebellion members chain themselves to premier's Montreal office

    Interior minister Sajid Javid said he wanted police to "take a firm stance and use the full force of the law". All three indicated a not guilty plea when they appeared at Highbury Corner Magistrates' Court.
    Pinterest shares jump 30pc as investors rush into $12.7bn IPO

    Pinterest shares jump 30pc as investors rush into $12.7bn IPO

    The market action comes amid an expect wave of "unicorns", or startups valued at over $1 billion, hitting the public markets. It earns money through advertisements, which are placed among the " pins " or posts that users upload on the site.
  • Dingo drags toddler away from campervan on Australia's Fraser Island

    Dingo drags toddler away from campervan on Australia's Fraser Island

    At least two wild dogs are understood to have entered the caravan on Fraser Island in the early hours of Friday morning. Paramedics were called, arriving via helicopter to the island , which is situated about 250km north of Brisbane .
    Seahawks 2019 Schedule To Be Announced Wednesday, April 17

    Seahawks 2019 Schedule To Be Announced Wednesday, April 17

    Again, it feels like the National Football League did the Buccaneers no favors when they came up with this schedule. But North took the rare, and perhaps unwise, step of acknowledging the unfairness to Bucs fans.
    Pelosi to visit 'seamless' Northern Ireland border

    Pelosi to visit 'seamless' Northern Ireland border

    Mrs Pelosi told the Dáil (Irish parliament) on Wednesday that the Good Friday Agreement is a "beacon to the world" . Pelosi explained this week that the United States had a "vested" interest in the Good Friday Agreement.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.