Pakistan s Finance Minister Ismail resigns amid economic woes

Amid the economic crisis in Pakistan exacerbated by the recent devastating flooding_ the country's Finance Minister Miftah Ismail has declared his resignation from the role. He is going to be the fifth finance minister of Pakistan to resign in less than four years_ when the formal resignation happens.

 I have verbally resigned as Finance Minister_ Ismail said in a Tweet on Sunday_ adding that he had signalled his plans to the country s Prime Minister Shehbaz Sharif during a meeting.  I will tender a formal resignation upon reaching Pakistan_ he added.

Shehbaz Sharif and Miftah Ismail are currently in London and due to return to Pakistan early next week.

Pakistan s economy has witnessed persistent turbulence while its current account deficit has widened starkly and rising inflation has put pressure on consumers and traders.

This month s devastating floods added to the crisis as they caused damage estimated at $30 billion and killed more than 1_500 people.

The World Bank said on Saturday it will provide about $2bn in aid to Pakistan. The global lender agreed last week in a meeting with Sharif on the sidelines of the UN General Assembly to provide $850m in flood relief for Pakistan. The $2bn figure includes that amount.

Over the past two months_ Pakistan government has sent nearly 10_000 doctors_ nurses and other medical staff to tend to survivors in Sindh province  the worst affected by the floods.

Ismail_ echoed by the prime minister_ reassured investors on Friday that the South Asian nation was seeking debt relief from bilateral creditors and emphasised the government would not seek any relief from commercial banks or Eurobond creditors.