Pakistan Minister Wants to Step Down


Asad Umar who is Pakistan Minister wanted to step down. He has been leading negotiations with the IMF for what would be Pakistan's 13th bailout since the late 1980s but has faced criticism over a worsening economic outlook on his watch.

He said he would step down in a cabinet reshuffle by Prime Minister Imran Khan, raising fresh questions on plans for averting an economic crisis amid bailout talks with the International Monetary Fund (IMF).

Speculation of the departure was rife for months, with some business groups and investors unhappy at Umar's strategy of seeking short-term loans from allies such as China and Saudi Arabia, instead of finalising an IMF rescue package after Khan assumed power in August.

The central bank last month cut growth forecasts and raised interest rates with inflation at a five-year high. The rupee currency has weakened about 35 percent since December 2017.