As Islamabad gears to set up an interim authority ahead of the general election, the ruling Pakistan Muslim League-Nawaz (PML-N) has finalised Finance Minister Ishaq Dar's candidature as the next caretaker Prime Minister of the country, according to sources. However, the decision has reportedly been met with strong reservations from coalition partner - Pakistan Peoples Party (PPP).
Geo News reported citing sources that the PML-N has agreed to appoint Dar as the caretaker PM of Pakistan and that the government committee is taking all other political parties in confidence over the matter.
However, the PPP fuelled uncertainty over the matter by opposing the appointment of Dar, saying that he was "a man from the Sharif family" and was not a suitable fit for the post of caretaker PM, which required a neutral person, according to Dawn. The uncertainty indicates a possible rift between the two ruling coalition partners.
PPP leader Sherry Rehman said that the PML-N has not proposed anyone for the post. “No name for caretaker premier has been conveyed to us so far," she said. The PPP also fears that Dar's candidature can undermine the credibility of the polls.
The two parties have asserted the need for a 'trustworthy' interim PM, who should be a politician, to meet political requirements and oversee the upcoming national polls.
However, the PPP have not totally ruled out Dar's candidature. Pakistan's Federal Minister for Planning and Development Ahsan Iqbal said that he would be appointed if there was a consensus regarding his candidature. He also asserted that no decision has been taken so far.
Who is Ishaq Dar?
The 73-year-old Dar is currently serving as the Minister of Finance and Revenue of Pakistan under the PML-N-PPP coalition government, formed in 2022 after Imran Khan's ouster. He has been elected in the position three times. A chartered account, Dar earned a fellowship at the Institute of Chartered Accountants in England and Wales (ICAEW) in 1980 and Senior Auditor at the Auditor General Department in Tripoli, Libya.
Since his return to Pakistan, Dar has held distinguished positions and portfolios related to commerce and finance in several private and state-run institutions. The current Finance Minister started his political career with the PML-N in the late 1980s as a member of the Central Executive Committee (CEC) under Nawaz Sharif's leadership. He was elected as a Member of the National Assembly twice in 1993 and 1997 and held public office for the first time as Minister of State of the Pakistan Investment Board (PIB) from 1992 to 1993.
Dar was elected as Parliamentary Leader of the PML-N in the Pakistan Senate three times, also serving as Federal Minister for Commerce & Investment in 1997 and Federal Minister for Finance, Economic Affairs, Revenue and Statistics in 1998 and 2008. He has also been the President of International Affairs of the PML-N since 2012. He was also the Leader of Opposition in the Pakistani Senate in 2012.
His accomplishments as a politician led to Pakistan awarding him the Nishan-e-Imtiaz, the highest civil award in the country for services to the state, in 2011. Since the beginning of his political career, Dar has been known to be a stalwart of the Sharif family. His son is married to former PM Nawaz Sharif's daughter Asma Nawaz. Dar was imprisoned when the Nawaz Sharif government was toppled in 1999.
Dar returned to assume the position of Finance Minister after a self-imposed exile in 2017, when he was declared a fugitive by a Pakistani court because of his failure to appear in anti-graft proceedings against him. He was also indicted for possessing assets beyond his known sources of income in tghe Panama Papers case. An accountability court had suspended all warrants against Dar, paving the way for his return.
Pakistan government moves to empower interim PM
Dar's primary task has been to revive Pakistan's ailing economy, which is threatened by high inflation, rising deficit and failing reserves. Dawn reported his reputation for strong-arming the International Monetary Fund (IMF) to inject foreign exchange to raise the rupee in global markets.
However, the dilapidated economic situation in Pakistan continues to remain a headache, despite a recent relief with a $3 billion 'stand-by' deal with the global money lender.
In view of the situation, sources from the PML-N said that the government was mulling changes in Pakistan's Elections Act of 2017 to enable the caretaker authority to take economic decisions in an attempt to revive the country's economy. The amendments might be introduced in the National Assembly soon.
The caretaker government has power in decisions involving day-to-day, non-controversial and urgent matters. The government's push to introduce amendments is aimed towards enabling the interim authority in making major policy decisions regarding the national economy.
PML-N sources reportedly asserted the continuation of the current economic team as vital for the implementation of all fiscal measures.
Discussions between the IMF and Pakistan were stalled in December last year after the former delayed the release of a crucial tranche of $1.1 billion from the bailout.
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