Hafeez Shaikh resigns, Mandviwalla takes oath as new minister

Finance Minister, Hafeez Shaikh Tuesday resigned after speculations that he may be appointed as caretaker Prime Minister to oversee parliamentary elections, officials said.

Shaikh had earlier denied reports about his resignation and any new responsibility.

The government will complete its term in mid-March and new elections must be held in two months.

A caretaker Prime Minister and cabinet will be set-up after the assemblies are dissolved which mainly be responsible for holding elections.

President Asif Ali Zardari Tuesday administered the oath to Saleem Mandviwalla as Federal Minister for Finance at a ceremony in Islamabad, presidential spokesman said.

Prime Minister Raja Pervez Ashraf, ministers and senior officials attended the ceremony, which was aired on state television.

The main opposition, Pakistan Muslim League (PML-N) had opposed nomination of Hafeez Shaikh as the caretaker Prime Minister after section of the local media had reported about his resignation and the possible new assignment.

The opposition will nomine two names for the caretaker Prime Minister and two will be proposed by the government.

A consensus man will be appointed as the caretaker Prime Minister.

WHO IS THE NEW FINANCE MINISTER? Saleem Mandviwalla, who was working as Chairman Investment Board with the status of a minister of state, was elected senators in November last year on the ticket of Pakistan Peoples Party.

A graduate from the Fort Worth School of Aviation in Fort Worth, Texas, USA, he comes from a well known business family which has been engaged in the real estate business in Karachi and other cities of Pakistan since 1920.

The family expanded their line of business in different trades locally and internationally and own businesses in manufacturing, media and automotive sectors.

Saleem Mandviwalla was appointed as the Chairman of the Board of Investment (BoI) and Minister of State for Investment, in October 2008. Prior to his appointment, he was the President of the Lasbela Chamber of Commerce in Balochistan.

He was always been active in the chambers. He was involved in the chamber activities and in the interactions with the government for a long time. He was assigned the role of heading the BOI because the government desired somebody from the private sector to put some life in it.

Prime Minister Raja Pervez Ashraf has paid rich tributes to outgoing Federal Minister for Finance, Revenue, Economic Affairs and Statistics Dr Abdul Hafeez Sheikh who tendered his resignation this afternoon for his services in spearheading the country’s economy out of difficult times.

The Prime Minister said that Dr Sheikh implemented the pro-poor policies and managed the economy by keeping the interest rates and federal expenditures within manageable limits.

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Posted by Tahir Khan on Feb 19 2013. Filed under Latest News, National, Pakistan, Politics. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.