Pakistan Appoints New Finance Minister Amid Floods, Economic Crisis

Pakistan appointed a new finance minister on Wednesday as the country struggles to recover from an economic crisis worsened by deadly floods.

Ishaq Dar, a senior figure in the ruling Pakistan Muslim League party was named the country's Finance Minister.

In his first remarks, Dar on Wednesday said he would work to rein in inflation and cut interest rates.

The Daily Sabah added that his challenges will be to convince the International Monetary Fund (IMF) to soften some of its conditions under which Pakistan received a $6 billion bailout in 2019 and to deal with the economic devastation caused by unprecedented flooding.

It said he will also have to tackle a sharp rise in inflation and stabilize the country's rupee after it plummeted to a record low of 240 against the U.S. dollar last week.

Dar’s appointment comes as Pakistan struggles with the aftermath of historic flooding, which has killed 1,663 people, affected tens of million others and left hundreds of thousands homeless.