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Pakistan’s Finance Minister Asad Umar resigns

Pakistan’s Finance Minister Asad Umar resigned from the Cabinet before securing a multi-billion dollar International Monetary Fund bailout package for the cash-strapped country.

He said, as part of a Cabinet reshuffle, Prime Minister Imran Khan desired him to take the Energy Minister portfolio instead of Finance. However, he obtained Khan’s consent to not take any cabinet position.

Umar recently returned from a trip to the US in which the details of Pakistan’s next IMF bailout were discussed. Pakistan is seeking eight billion dollars from the IMF to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country’s economy.

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