Pakistan appoints new finance minister amid economic crisis

Sep 27, 2022, 12:04 PM | Updated: Sep 28, 2022, 1:06 am
In this photo released by Press Information Department, Pakistan's President Arif Alvi, center, adm...

In this photo released by Press Information Department, Pakistan's President Arif Alvi, center, administrates oath from newly appointed Finance Minister Ishaq Dar, left, as Prime Minister Shehbaz Sharif, right, watches during a ceremony in Islamabad, Pakistan, Wednesday, Sept. 28, 2022. Pakistan appointed a new finance minister on Monday as the impoverished nation struggles to recover from an economic crisis worsened by deadly floods. (Press Information Department vis AP)

(Press Information Department vis AP)

ISLAMABAD (AP) — Pakistan appointed a new finance minister on Wednesday, as the impoverished Islamic nation struggles to recover from an economic crisis worsened by deadly floods.

Ishaq Dar, a senior figure in the ruling Pakistan Muslim League party, has been finance minister three times, and he is credited with overcoming economic turmoil during his previous stints in the role.

His challenges will be to convince the International Monetary Fund to soften some of its conditions under which Pakistan received a $6 billion bailout in 2019 and to deal with the economic devastation caused by unprecedented flooding.

He will also have to tackle a sharp rise in inflation and stabilize the rupee after it plummeted to a record record low of 240 against the U.S. dollar last week.

Dar’s appointment comes as Pakistan struggles with the aftermath of historic flooding, which has killed 1,663 people, affected tens of million others, and left hundreds of thousands homeless. The government has estimated losses of $30 billion.

He was sworn in during a brief ceremony attended by President Arif Alvi and Prime Minister Shahbaz Sharif.

On Tuesday, Sharif praised Dar’s predecessor, Miftah Ismail, for playing a key role in averting a possible default because of his brilliant handling of the ministry in recent months.

Dar, an accountant, faces a corruption case and he briefly appeared in an anti-graft court on Wednesday. “I was implicated in a fake case,” Dar told reporters.

He returned to Pakistan on Monday after five years of self-exile in the UK, saying he had been unable to return because the former administration, led by Imran Khan, had canceled his passport.

On Wednesday, Dar said that as finance minister he had averted a possible economic crisis after 1998, when the international community imposed sanctions on Pakistan for conducting nuclear weapons tests.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

murders...
Associated Press

Appeals court upholds most Eyman campaign finance violations

A Washington state Court of Appeals on Tuesday upheld most of the campaign finance violations that longtime anti-tax initiative promoter Tim Eyman was found liable for last year.
20 hours ago
A Washington State Department of Agriculture worker displays an Asian giant hornet taken from a nes...
Associated Press

No northern giant hornets found in 2022 in Washington state

Citizen trapping of northern giant hornets in northwest Washington ended Nov. 30 without any confirmed sightings of the hornets this year, state officials said Tuesday.
20 hours ago
Peter Møller, center, attorney and co-founder of the Danish Korean Rights Group, submits the docum...
Associated Press

South Korea’s truth commission to probe foreign adoptions

SEOUL, South Korea (AP) — South Korea’s Truth and Reconciliation Commission will investigate the cases of dozens of South Korean adoptees in Europe and the United States who suspect their origins were falsified or obscured during a child export frenzy in the mid- to late-1900s. The decision Thursday opens what could be South Korea’s most […]
20 hours ago
FILE - Carolina Panthers owner David Tepper watches during warm ups before an NFL football game bet...
Associated Press

Panthers owner settles tax fight over failed practice space

COLUMBIA, S.C. (AP) — The South Carolina county where Carolina Panthers owner David Tepper started building and then abandoned a new practice facility has reached a settlement over $21 million in sales tax money given to the NFL team. Tepper will pay back the money, and York County agreed its dispute was totally resolved with […]
20 hours ago
Associated Press

Deep, 5.8 magnitude quake shakes Indonesia’s capital

JAKARTA, Indonesia (AP) — A strong and deep earthquake shook Indonesia’s capital and other parts of the main island Java on Thursday but there were no immediate reports of serious damage or casualties. High-rises in Jakarta, the capital, swayed for several seconds and some ordered evacuations. The U.S. Geological Survey said the 5.8 magnitude earthquake […]
20 hours ago
FILE - Military personnel watch as Air Force One, with President Donald Trump, aboard prepares to d...
Associated Press

Boeing’s last 747 to roll out of Washington state factory

SEATTLE (AP) — After more than half a century, the last Boeing 747 rolled out of a Washington state factory on Tuesday. The 747 jumbo jet has taken on numerous roles — a cargo plane, a commercial aircraft capable of carrying nearly 500 passengers, and the Air Force One presidential aircraft — since it debuted […]
20 hours ago

Sponsored Articles

Comcast Ready for Business Fund...
Ilona Lohrey | President and CEO, GSBA

GSBA is closing the disparity gap with Ready for Business Fund

GSBA, Comcast, and other partners are working to address disparities in access to financial resources with the Ready for Business fund.
SHIBA WA...

Medicare open enrollment is here and SHIBA can help!

The SHIBA program – part of the Office of the Insurance Commissioner – is ready to help with your Medicare open enrollment decisions.
Lake Washington Windows...

Choosing Best Windows for Your Home

Lake Washington Windows and Doors is a local window dealer offering the exclusive Leak Armor installation.
Anacortes Christmas Tree...

Come one, come all! Food, Drink, and Coastal Christmas – Anacortes has it all!

Come celebrate Anacortes’ 11th annual Bier on the Pier! Bier on the Pier takes place on October 7th and 8th and features local ciders, food trucks and live music - not to mention the beautiful views of the Guemes Channel and backdrop of downtown Anacortes.
Swedish Cyberknife Treatment...

The revolutionary treatment of Swedish CyberKnife provides better quality of life for majority of patients

There are a wide variety of treatments options available for men with prostate cancer. One of the most technologically advanced treatment options in the Pacific Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform at Swedish Medical Center.
Work at Zum Services...

Seattle Public Schools announces three-year contract with Zum

Seattle Public Schools just announced a three-year contract with a brand-new company to the Pacific Northwest to assist with their student transportation: Zum.
Pakistan appoints new finance minister amid economic crisis