Prime Minister Imran Khan is expected to give the approval regarding the change in Tarin’s designation soon, sources added.
The finance minister was supposed to get elected as a senator — a prerequisite to continue as finance minister — as the six-month time limit to elect him as a member of the Parliament is expiring today.
Prime Minister Imran Khan had appointed Tarin as the finance minister in a federal cabinet reshuffle, replacing Hammad Azhar — only a few weeks after he was given the portfolio.
As the finance minister’s six-month term ends, as per law, Tarin will not be able to chair the Economic Coordination Committee (ECC) and other cabinet committees.
Once Tarin has been elected as a senator, he will get his finance ministry portfolio back, sources added.
Tarin is currently in Washington for the annual meeting of the International Monetary Fund (IMF) and World Bank and the policy talks for the $6 billion loan programme between the IMF and Pakistan.
Policy talks between Pakistan and the IMF will also conclude today.
It is pertinent to mention here that earlier, the government had de-seated Ishaq Dar intending to elect Tarin to this vacant seat but the matter had ended up in the court. Tarin’s close aides had said that he might be elected to the Senate in the first 10 days of October.
It is pertinent to mention here that the finance minister’s name was also mentioned in the recent exposé on offshore companies held by powerful individuals across the world, including Pakistani politicians, “Pandora Papers”.