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Pakistan Finance Minister Hafeez Shaikh resigned on Tuesday after speculations that he may be appointed as caretaker Prime Minister to oversee parliamentary elections, officials said.
President Asif Ali Zardari Tuesday administered the oath to Saleem Mandviwalla as Federal Minister for Finance at a ceremony in Islamabad, presidential spokesman said.
Prime Minister Raja Pervez Ashraf, ministers and senior officials attended the ceremony, which was aired on state television.
Shaikh had earlier denied reports about his resignation and any new responsibility.
The current government will complete its term in mid-March and new elections must be held in two months.
A caretaker Prime Minister and cabinet will be set up after the assemblies are dissolved which mainly be responsible for holding elections.
The main opposition, Pakistan Muslim League (PML-N) had opposed nomination of Hafeez Shaikh as the caretaker Prime Minister after section of the local media had reported about his resignation and the possible new assignment.
The opposition will nomine two names for the caretaker Prime Minister and two will be proposed by the government.
A consensus man will be appointed as the caretaker Prime Minister.
A graduate from the Fort Worth School of Aviation in Fort Worth, Texas, USA, Saleem Mandviwalla comes from a well known business family which has been engaged in the real estate business in Karachi and other cities of Pakistan since 1920.
The family expanded their line of business in different trades locally and internationally and owned businesses in manufacturing, media and automotive sectors.
Saleem Mandviwalla was appointed as the Chairman of the Board of Investment (BOI) and Minister of State for Investment, in October 2008. Prior to his appointment, he was the President of the Lasbela Chamber of Commerce in Balochistan.
He was always been active in the chambers. He was involved in the chamber activities and in the interactions with the government for a long time. He was assigned the role of heading the BOI because the government desired somebody from the private sector to put some life in it. Enditem
