Ishaq Dar is a soft target for criticism. If there is anything that goes wrong, media, civil society, opposition and even some PML-N circles would happily criticise Ishaq Dar.
When there are economic success stories, the critics love to give the credit to the whole team, without mentioning the name of Ishaq Dar.
I was at pain when Muftah Ismail and Muhammad Zubair, now PML-N disgruntled leaders, were criticizing Ishaq Dar, the party did not react to their statements. A few people as individuals encountered them, but it was Ishaq Dar who was left alone to face the criticism when he was financer minister in the PDM government.
When the government took over in 2022 under Shehbaz Sharif, Moody’s, Bloomberg, and financial watchdogs were predicting the default of Pakistan. But the ensuing months saw Pakistan defeating default rumours and later on, Pakistan under Ishaq Dar was able to secure a bailout package from the IMF.
An economist friend in London tells me that in global economics, few names shine as brightly as that of Ishaq Dar. He means that Ishaq Dar’s policies hold water in the international arena.
In a world that esteems such minds, it’s noteworthy that Ishaq Dar’s brilliance has not led him into the labyrinth of legal complexities or vendettas; rather, he continues to be a beacon of economic wisdom.
With the return of Nawaz Sharif, Ishaq Dar has started his magic work. He arranged interactions between Nawaz Sharif and chambers of commerce and industry across Pakistan. His policies and restricting of the FBR have resulted in record tax collections.
Ishaq Dar has been under the National Accountability Bureau (NAB) scanner for decades. A source in NAB tells me that during the Musharraf era, Ishaq Dar served as an economic adviser to the Dubai government, receiving official appointments and salaries. When the salaries were scrutinised in connection with the asset allegations, it was found that Ishaq Dar’s earnings for four years surpassed the alleged assets. NAB, compelled by the evidence from Dubai, had to close the inquiry.
I believe that Ishaq Dar holds more respect and recognition in Dubai as compare to Pakistan. Contrary to the misconception that Ishaq Dar owes his prominence solely to familial connections, his illustrious career extends far beyond Pakistan. Before ascending to political heights through his association with Mian Nawaz Sharif, Ishaq Dar served as an economic advisor to the ruler of Libya. His prowess in economics has made him a sought-after figure, not just domestically but on the global stage. Institutions like the International Monetary Fund (IMF) and the World Bank hold him in high esteem.
In 1999, then US president Bill Clinton, impressed by Dar’s credentials, sought his CV, highlighting the global recognition of Dar’s expertise. However, as a nation, our failure lies in undervaluing our assets and indulging in baseless propaganda.
Ishaq Dar’s role in steering Pakistan away from bankruptcy deserves acknowledgment. His meticulous financial arrangements have not only saved Pakistan from default but have also earned the country respect on the international stage. Today, as the IMF seeks dialogue, it’s essential to recognize that Pakistan’s economic resilience is a testament to Dar’s strategic planning and financial acumen.
For the sake of continuity and sustainable economic policies, it is imperative to grant Ishaq Dar another year at the ministry. This extension would allow for the consolidation of his plans and policies, enabling him to guide Pakistan’s economy back on track even after the next elections.
The rope of the economy, firmly in Dar’s capable hands, symbolizes the nation’s financial stability. Any attempt to loosen this grip could lead to catastrophic consequences. Therefore, a united front from the media, courts, defense institutions, political parties, and parliament is essential to support Ishaq Dar in the monumental task of rebuilding the economy.
