Newly-appointed Finance Minister Hammad Azhar discussed financial affairs with Governor State Bank Raza Baqir in Islamabad here on Tuesday (today).
Governor State Bank of Pakistan, Dr. Reza Baqir calls on Federal Minister for Finance and Revenue, Muhammad Hammad Azhar at Finance Division, today. pic.twitter.com/Abqa1G6aoC
— Government of Pakistan (@GovtofPakistan) March 30, 2021
Minister for Industry and Production Hammad Azhar was appointed as the new finance minister on Monday after replacing Dr Hafeez Shaikh over “his poor performance due to rising inflation” in the country.
According to sources, Hamad Azhar is being made the finance minister in view of his double budget presentation.
The Prime Minister was worried about inflation while Abdul Hafeez Shaikh as Finance Minister failed to control inflation, sources added.
The second reason for removing Hafeez Shaikh is the order of the Islamabad High Court (IHC) that only elected representatives can head the cabinet committee.
Following the court’s decision, Hafeez Shaikh was promoted from Finance Adviser to Finance Minister and sworn in as Finance Minister on December 10.
The Prime Minister has also decided to give the pen to the elected representative for negotiations and budget with the IMF.