Like the previous government, this one also seems to be looking towards changing the finance minister. Clearly, the finance ministry is no joke, especially in this economic situation. Miftah Ismail has tried to steer the economy towards betterment but with his hands tied by the IMF there is not much he can do. Now the rumour mill has stated that Ishaq Dar will be returning to Pakistan to take hold of the finance ministry. Dar is well-versed with Pakistan’s economy as he was the finance minister in the previous tenure of the PML-N government under Nawaz Sharif. He also shares family ties with the Sharif clan.
Ishaq Dar is a chartered accountant by profession and has worked for Pakistan as the finance minister. He is a finance-cum-economic expert who may be able to clean the mess of the economy created by his predecessors. His track record is straight and he was successful in bringing the economy to a better place when PML-N took over from PPP in 2013. At that time, there was rampant inflation, dollar prices were on the rise and petrol prices had also exponentially increased. Pakistan had not seen any favourable economic indicators. However, in 2014-15, foreign reserves rose roughly $4 billion to cross $18 billion, and touched $23 billion by end of 2016. All this can be attributed to the efforts of Ishaq Dar who was the finance minister at the time. He also has a sound relationship with industrialists who play an important role in the working of an economy.
If a comparison is drawn between the economy that was left by the PPP and the one that was left by the PTI, both times economic ruin can be seen. The effects of PTI’s policies can now be felt, and coupled with policies of the new government and the IMF’s demands the economy and people are suffering greatly. When the PML-N took charge earlier, Ishaq Dar was able to control and correct the situation. The dollar price was excessively increasing and with his efforts and policies it came back to Rs100. This also decreased the price of fuel and other commodities. Currently, the situation is the same, inflation is reaching unprecedented levels, fuel prices are being increased day by day and consequently everything is getting more and more expensive. In such a situation the return of Dar may provide some relief to the people of Pakistan. He may be able to decrease inflation, control dollar prices and make the economy better again. It must be kept in mind that during the earlier tenure of the PML-N government, the IMF had imposed its policies on Pakistan and yet Ishaq Dar was able to steer the economy towards betterment.
Comments are closed.