Pakistan finance minister resigns on verge of IMF deal
Pakistan Finance Minister Asad Umar has resigned. This matters for two reasons:
1) According to public comments from the Pakistan side, the IMF program has been agreed in principle with the details to be worked out during the IMF’s trip to Pakistan next week; a deal is necessary to establish policy credibility and buttress foreign reserves (which still equate to c3 months of imports, despite assistance from geopolitical allies China, Saudi Arabia and the UAE);
2) Asad Umar is among the most senior members of the ruling PTI party and his resignation suggests divisions within the highest layer of the civilian government.
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