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Shaukat Tareen appointed Pakistan’s finance minister, third in 2 weeks
Hammad Azhar has been removed
SAMAA | Abbas Shabbir
Posted: Apr 16, 2021 | Last Updated: 35 mins ago
Photo: AFP/file
Hammad Azhar has been removed
SAMAA | Abbas Shabbir
Posted: Apr 16, 2021 | Last Updated: 35 mins ago
Photo: AFP/file
Shaukat Tareen has been appointed Pakistan’s finance minister.
The portfolio has been taken back from Hammad Azhar. This is the second such major change. On March 29, Hafeez Shaikh was removed from the post.
Just a day after Hafeez Sheikh was removed as the finance minister, there were reports that Tareen would be the next finance minister.
Geo News reported that Tareen said that he was “ready to directly work with” the government but had asked for 15 to 20 days to “deal with something he’s busy in.”
Tareen was already a member of the prime minister’s Economic Advisory Council.
Tareen was the adviser to PM on finance during the PPP’s tenure and finance minister during Musharraf’s era.
These changes come at a time when Pakistan has just received another $500 million from the International Monetary Fund as part of the $6 billion bailout package it signed in July 2019.
The third and latest tranche of the program brings the total borrowing for budget support to $2 billion.
Islamabad had signed the 39-month bailout program with the IMF to avert sovereign default because of a balance-of-payment crisis. The program will cost Pakistan $180 million in interest payments at less than 3% to be paid in 10 years.
The portfolio has been taken back from Hammad Azhar. This is the second such major change. On March 29, Hafeez Shaikh was removed from the post.
Just a day after Hafeez Sheikh was removed as the finance minister, there were reports that Tareen would be the next finance minister.
Geo News reported that Tareen said that he was “ready to directly work with” the government but had asked for 15 to 20 days to “deal with something he’s busy in.”
Tareen was already a member of the prime minister’s Economic Advisory Council.
Tareen was the adviser to PM on finance during the PPP’s tenure and finance minister during Musharraf’s era.
These changes come at a time when Pakistan has just received another $500 million from the International Monetary Fund as part of the $6 billion bailout package it signed in July 2019.
The third and latest tranche of the program brings the total borrowing for budget support to $2 billion.
Islamabad had signed the 39-month bailout program with the IMF to avert sovereign default because of a balance-of-payment crisis. The program will cost Pakistan $180 million in interest payments at less than 3% to be paid in 10 years.
