Day after being shown the door, former Pakistan finance minister tests COVID-19 positive 

In this photo, former advisor to Prime Minister Imran Khan on Finance, Revenue and Economic Affairs Abdul Hafeez Shaikh (R) addresses a pre-budget press conference in Islamabad on June 10, 2019. (AFP/ File)
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Updated 30 March 2021
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Day after being shown the door, former Pakistan finance minister tests COVID-19 positive 

  • Hafeez Shaikh was sworn in as federal minister last December, now replaced by industries minister Hammad Azhar
  • PM aide says Khan has “fully recovered” from coronavirus, will gradually resume work as per doctor’s instructions

A day after he was removed as finance minister of Pakistan, Abdul Hafeez Shaikh tested positive for the coronavirus, new finance minister Hammad Azhar said on Tuesday, wishing his predecessor good health.
Pakistan is in the midst of a third wave of the coronavirus and recorded 4,084 new infections in the last 24 hours, with 100 deaths, a three-month record for fatalities.
Information minister Shibli Faraz said on Monday Prime Minister Imran Khan believed a new finance team was needed to check soaring inflation and “devise pro-poor policies.”
“Just found out that Dr. Hafeez Sh has tested positive for Covid-19,” Azhar wrote on Twitter. “I pray for his swift recovery and good health.”

Shaikh, formerly the prime minister’s special adviser on finance, was sworn in as federal minister last December. His elevation as minister for six months came in light of an Islamabad High Court ruling that the formation of the Cabinet Committee on Privatization was illegal on the grounds that its head, Shaikh, was an unelected official.
Earlier this month, Shaikh lost an opportunity to get elected when he lost a key senate election to an opposition candidate, making it certain he would have to be removed. 
Khan “gave the portfolio of finance to Hammad Azhar who is a young and able minister so that he devises policies according to the ground realities of Pakistan and the poor get relief,” Faraz told a local TV channel on Monday.
He said he did not know about Shaikh’s future in the government, adding that more changes in the cabinet would be disclosed tomorrow, Tuesday.
The removal — the second of a finance minister in the 2-1/2 years of Khan’s tenure — comes amidst the restart of a $6 billion IMF bailout program that had been suspended for one year over questions about fiscal and revenue reforms.
Cash-strapped Pakistan is also preparing to float Eurobonds worth around $2 billion to raise capital from international markets about two months before presenting a budget.
According to the Pakistani constitution, the prime minister is empowered to appoint an unelected individual as a minister for six months under Article 91(9). After six months, the individual will “cease to be a minister and shall not before the dissolution of that Assembly be again appointed a minister unless he is elected a member of that Assembly.”
Meanwhile, a top aide of the prime minister, Faisa Javed Khan, said on Twitter the PM had “fully recovered” from the coronavirus and would gradually resume his official duties:


Rating firm S&P says it won’t rush Iran war downgrades, sees risks for countries like Pakistan

Updated 12 March 2026
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Rating firm S&P says it won’t rush Iran war downgrades, sees risks for countries like Pakistan

  • Agency says it is monitoring indebted energy importers as higher oil prices strain finances
  • Gulf economies seen better placed to weather shock, though Bahrain flagged as vulnerable

LONDON: S&P Global ‌said it would not make any knee-jerk sovereign rating cuts following the outbreak of war in the ​Middle East, but warned on Thursday that soaring oil and gas prices were putting a number of already cash-strapped countries at risk.

The firm’s top analysts said in a webinar that the conflict, which has involved US and Israeli strikes ‌against Iran and Iranian ‌strikes against Israel, ​US ‌bases ⁠and Gulf ​states, ⁠was now moving from a low- to moderate-risk scenario.

Most Gulf countries had enough fiscal buffers, however, to weather the crisis for a while, with more lowly rated Bahrain the only clear exception.

Qatar’s banking sector could ⁠also struggle if there were significant ‌deposit outflows in ‌reaction to the conflict, although there ​was no evidence ‌of such strains at the moment, they ‌said.

“We don’t want to jump the gun and just say things are bad,” S&P’s head global sovereign analyst, Roberto Sifon-Arevalo, said.

The longer the crisis ‌was prolonged, though, “the more difficult it is going to be,” he ⁠added.

Sifon-Arevalo ⁠said Asia was the second-most exposed region, due to many of its countries being significant Gulf oil and gas importers.

India, Thailand and Indonesia have relatively lower reserves of oil, while the region also had already heavily indebted countries such as Pakistan, Bangladesh and Sri Lanka whose finances would be further hurt by rising energy prices.

“We ​are closely monitoring ​these (countries) to see how the credit stories evolve,” Sifon-Arevalo said.