Imran Khan made another change in the finance team in three years by removing Hafeez Shaikh as the federal finance minister and replacing him with Hammad Azhar after the sacked official failed to satisfy the premier with his policies.
Minister for Industries and Production, Muhammad Hammad Azhar will assume the charge as the finance minister.
Hammad Azhar is the third finance minister during the Pakistan Tehreek-e-Insaf (PTI) so-far-three-year tenure.
I am honoured to be entrusted with the additional charge of Finance by the Prime Minister.
Pakistan’s economy has made significant gains towards stabilisation since 2018. We shall continue to consolidate these gains and strengthen the growth momentum. 1/2
— Hammad Azhar (@Hammad_Azhar) March 29, 2021
Hafeez Shaikh was in hot water owing to burgeoning inflation and poor bargaining with International Monetary Fund (IMF).
Sources said that controversial development pertaining to the autonomy of the State Bank of Pakistan (SBP) and amendments in the NEPRA Act under which the power tariff would be increased by Rs 6 until 2023 on dictation of the International Monetary Fund (IMF) stirred-up troubles for Hafeez down.
Meanwhile, the price hike of essential items in February rose to 8.7% from 5.7%.
The prices of other items had seen elevation over the past few months too due to the rise in petroleum prices.
Abdul Hafeez Sh. has been asked to tender resignation by Prime Minister who wasn’t happy with the financial team in failure to check inflation, Hammad Azhar will hold additional charge, the PM office just told me. Unofficially the Govt unhappy on not properly IMF negotiations
— Kamran Khan (@AajKamranKhan) March 29, 2021
Besides the financial aspect, the ex-finance minister had lost the Islamabad seat in the Senate election from Yousaf Raza Gillani.
After Shaikh’s defeat, the pressure was mounting on him to resign.
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He was appointed as an adviser to the prime minister but was elevated as a federal minister through a special provision in the Constitution.
But, it could only last six months and it was inevitable for him to win the election of the upper house.
Lahore High Court (LHC) had also raised the question how Shaikh could remain in the office as an unelected member of the cabinet despite losing the Senate election.
Meanwhile, Pakistan People’s Party (PPP) Chairman Bilawal Bhutto Zardari believed that it was the opposition’s pressure that the government shown the door to Hafeez Shaikh.
Sacking Finance minister is victory of PDM. PTIMF minister needed to be elected to continue in post & senate defeat made that impossible. Now government admits inflation is skyrocketing because of its failed policies. Parliamentary opposition proven most effective vs this regime.
— BilawalBhuttoZardari (@BBhuttoZardari) March 29, 2021
Interestingly, Hafeez Shaikh was also the federal finance minister during PPP tenure from 2010 to 2013.