Many believe the outgoing finance minister’s brief stint in office was a tour de force, although others excoriate him over inflation and exchange rate.
By Naveed Naqvi
ISLAMABAD: The Pakistani Twitter gave Miftah Ismail an effusive send-off after he announced his resignation as Finance Minister in a tweet from London after a high-level huddle of his Pakistan Muslim League-Nawaz (PML-N) party decided to bring in the veteran Ishaq Dar.
Word came from London last evening that Federal Finance Minister Miftah Ismail has resigned from his post while Senator Ishaq Dar has been named as the next Finance Minister.
“In a meeting with Mian Nawaz Sharif and PM Shehbaz Sharif today, I have verbally resigned as Finance Minister”, Ismail said in his tweet. “I will tender a formal resignation upon reaching Pakistan. It’s been an honour to serve twice as Finance Minister. Pakistan Paindabad”.
The UK-based Pakistani economist and author Yousuf Nazar (@YousufNazar) responded: “Thank you @MiftahIsmail for managing the economy during Pakistan’s most difficult economic crisis since 1971 with courage and determination to do the right thing despite heavy odds.
“Miftah sb was the most capable and clear headed finance minister of #Pakistan’s recent history”, the author of Balkanisation and Political Economy of Pakistan said.
Similarly appreciative words came from journalists Jusrat Javeed (@) and Raza Rumi (@Razarumi), among several other tweeps both famous and less well known.
There were those who took exception to this appreciation, miffed over what they see Ismail’s inaction over a roaring inflation, fed chiefly by an ascendant dollar. And there were others miffed over the ways of power politics.
The transition from Miftah Ismail to Ishaq Dar is a cog in the larger comeback strategy of former Prime Minister Nawaz Sharif. His return to Pakistan will test the waters for the return of Sharif himself.
Reports from London say the elder Sharif held an important huddle with his key aides including Prime Minister Shehbaz Sharif, Maryam Aurangzeb, Malik Muhammad Ahmad Khan, Ahad Cheema – besides Dar and Ismail.
Important political and economic decisions were taken by the meeting after detailed consideration of the overall political and national situation of the country.
On this occasion, Miftah Ismail submitted his resignation to party chief Nawaz Sharif and said that the ministry was his trust. He asserted that he had served the four-month stint to the best of his ability.
Sharif appreciated the efforts of Dr Miftah Ismail in carrying out the responsibilities under the most difficult conditions.
The position was adopted in the meeting that the current government had to reverse the economic damage caused by the previous government. Nawaz Sharif and Prime Minister Shehbaz Sharif nominated Senator Ishaq Dar as the next Federal Finance Minister.
As we write this, Ishaq Dar is airborne along with Prime Minister Shehbaz Sharif, on his way back to Pakistan. In remarks after the meeting, he announced his departure with Prime Minister Shehbaz Sharif on Monday.
“I will take the oath of membership of the Senate on Tuesday” said Dar, who is an elected senator but has not been able to take the oath of office because of his absence from the country.
Last week, an accountability court lifted a standing arrest order against Ishaq Dar, paving the way for his return. The judge ordered the authorities not to arrest the former Foreign Minister when he returns to Pakistan.
The order stands until October 7, the next date for hearing into the case.
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