Ishaq Dar appointed as new finance minister of Pakistan on wednesday for the fourth time

Ishaq Dar was sworn in as the new finance minister of Pakistan for the fourth time at a time when the country is grappling with a huge cash-crisis. At the same time, the economy has been hit hard by the recent floods.

The 72-year-old senior leader of the Pakistan Muslim League-Nawaz (PML-N), who was in self-exile since 2017 after being accused in a corruption case, took oath as finance minister a day after he was sworn in. As a senator, who raised the slogans, called him a "thief" and a "fugitive", amid strong protests by members of former prime minister Imran Khan's party.

President Arif Alvi administered the oath to Dar during a ceremony here in which Prime Minister Shahbaz Sharif was also present. 

The move comes after former finance minister Miftah Ismail stepped down to make way for a PML-N senator.

Dar was named as finance minister by PML-N supremo Nawaz Sharif and Prime Minister Shahbaz during a meeting in London on Sunday and returned to take charge of the finance department, which he had previously held on three occasions. .

He had been living in London for nearly five years to avoid prosecution in a corruption case that is still pending against him. 

The appointment of the new finance minister comes after months of economic uncertainty marked by devaluation of the rupee and crippling inflation, which will pose a major challenge to Dar as well.

Recovery after the floods, which affected more than 33 million people and caused more than $40 billion in damages, will be another formidable challenge for them.