ISLAMABAD: Pakistan's finance minister Miftah Ismail said on Sunday he planned to formally resign from the role, a change that comes as the country grapples with an economic crisis exacerbated by destructive flooding.
"I have verbally resigned as Finance Minister," Ismail said in a Tweet, 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.
Adding to the crisis, devastating floods engulfed large swathes of Pakistan this month. The disaster killed more than 1,500 people and caused damage estimated at US$30 billion, fanning fears that Pakistan would not meet its debts. 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.