Pakistan Finance Minister Who Secured IMF Bailout to Step Down

ISLAMABAD, Pakistan—In the midst of a deepening economic crisis, Pakistan will get a new finance minister after the incumbent lost support from his political party for agreeing to austerity measures in an effort to win a bailout from the International Monetary Fund.

Pakistan is seeking to climb out of a balance-of-payments crisis that has seen foreign currency reserves fall to perilous levels. Making things worse, massive flooding this summer caused billions of dollars of damage to the economy.