Pakistani Finance Minister resigns for own business

19:18, February 23, 2010      

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Pakistani Finance Minister Shaukat Tarin announced Tuesday that he is resigning from his post.

Local media reported that Tarin resigned to focus on his bank which is in crisis.

"I have sent my resignation and asked the prime minister to select a successor," Tarin told media.

Some reports said that he has resigned to give full-time focus to his bank, the commercial Silkbank, in which he has a 21 percent share.

The minister refused to comment on rumors that his resign is resulted by policy differences with the government.

Tarin, a former international banker, held negotiations with the International Monetary Fund in 2008, which led Pakistan to get a 11.5 billion U.S. dollars agreement, staving off a looming balance-of-payments crisis.

"I am confident that the Pakistani economy is back on track, and we have overcome difficult period," said Tarin. He will continue to stay in office until the end of the month.

Three names are in the pipeline to replace Tarin, including Ishrat Hussain, a former World Bank official who served six years as Pakistan's state bank governor, Hafeez Pasha, a former commerce minister who worked for the United Nations Development Program, and Nasim Beg, a Karachi-based investment banker.

Source: Xinhua
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