Ishaq Dar appointed as Pakistan's new finance minister

Islamabad: Pakistan Muslim League-N (PML-N) senator Ishaq Dar, who was involved in several corruption cases, was handed the responsibility of finance and revenue on Wednesday, shortly after he was sworn in as federal minister.

Dar was nominated by PML-N premier Nawaz Sharif and Prime Minister Shehbaz Sharif as the finance minister during a meeting on Sunday. A newly appointed minister, earlier this week, arrived in the country along with PM Sharif, Dawn reported. Earlier, Pakistan President Arif Alvi administered the oath to Dar, which was also attended by Prime Minister Shehbaz Sharif.

A notification issued by the Cabinet Division shortly afterwards stated, "The president, on the advice of the prime minister, has been pleased to appoint Senator Mohammad Ishaq Dar as a federal minister [...] with immediate effect."

Speaking to the reporters outside, Dar said, "All of you know at what stage the economy was when the PML-N left the government. Food inflation was two per cent [...] the reserves were at their highest, the rupee was stable at 104.50 and Pakistan's growth was at 6.3pc."

Dar blamed the Pakistan Tehreek-e-Insaf (PTI) government for failing to manage the economy. "You name it and the trouble, the problem is there," he said as he pointed out the dollar price, soaring inflation and interest rates, as quoted by Dawn.

"We can't reverse the destruction of the approximately four years of PTI's tenure in the few months which the Pakistan Democratic Movement (PDM) has remaining."

"As a nation, we have a lot of challenges [but] we have successfully faced them in the past as well," Dar added.

Dar, who was involved in several corruption cases, has been declared an absconder in the case since he has missed hearings owing to his prolonged stay in London.

Earlier, in May, the Pakistan court issued a perpetual arrest warrant against former Finance Minister Ishaq Dar in a "corruption reference."

According to media reports, Pakistan Prime Minister Shehbaz Sharif held a meeting with party supremo Nawaz Sharif in London on Saturday, where it was decided that the ruling coalition would hand over the finance ministry to Ishaq Dar after he returns to the country.

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