The nomination of Mian Shehbaz Sharif by the Pakistan Muslim League-Nawaz (PML-N) for the position of Prime Minister marks the completion of one phase, but the tough task of forming the cabinet remains. While the party may face substantial opposition in some constituencies, the issue of finding a suitable personality for the Ministry of Finance looms larger than any dissent. Despite the apparent charisma of the Ministries of Foreign Affairs and Defense, the real test lies in the hands of those managing the most critical affairs of the state. Indeed, the Finance Ministry is where the essence of political and economic future shaping for the party and the nation can be found. The question arises: What lies ahead for Ishaq Dar, particularly after the exclusion of Nawaz Sharif from the political landscape? Dissident leaders within the PML-N, including Shahid Khaqan Abbasi, Miftah Ismail, and Muhammad Zubair, have long established a front against Ishaq Dar. Their claim is that Ishaq Dar has become a stumbling block in the path of economic progress, causing the country substantial financial losses.
While Ishaq Dar has faced criticism from within his own ranks, Bilawal Bhutto’s jibes during the election campaign, considering his history of facing criticism from his own, seemed inevitable. How was it possible for Bilawal Bhutto to hold back the arrows of sarcasm against Ishaq Dar during the election campaign? The real challenge this time is for the government to pull the country out of economic distress. This is why all leaders gathered at Chaudhry Shujaat Hussain’s residence agreed that a consensus on an economic charter is crucial so that the burden of making tough decisions is shared among all allies. Ishaq Dar could be the solution. His track record shows that he managed to control the dollar, increase revenues, take steps for exchange rate stability, and initiate measures to boost employment. While this challenge is much larger than in the past, Ishaq Dar has the potential to accomplish this feat.
As political parties continue to form committees for government formation, each party should create an economic committee comprised of their finance experts to prepare an economic charter. Even within the PML-N, there is no better figure than Ishaq Dar for the position of Finance Minister. The close circle of Nawaz Sharif may also wish to see Ishaq Dar as the Finance Minister. There seems to be no alternative to Ishaq Dar for Maryam Nawaz, who relies on him as her father’s most trusted companion. The historic Charter of Democracy between Nawaz Sharif and Benazir Bhutto envisioned Ishaq Dar playing a vital role in laying the foundations of democracy. It was the same 36-point charter that not only covered other important matters but also pledged a commitment to alleviate poverty from the depths. It remains to be seen whether the new economic challenges will pave the way for Ishaq Dar’s return to a pivotal role in shaping Pakistan’s financial destiny.
