Ishaq Dar out of finance czar race

ISLAMABAD: Following consultation with his elder brother Nawaz Sharif, Prime Minister (PM) Shehbaz Sharif finalised names for federal cabinet, with Ishaq Dar dropping out of race to become finance minister, ARY News reported on Saturday, citing sources.

Sources told ARY News that Ishaq Dar, a close Sharif family’s associate and four-time finance minister, will be handed over the portfolio of foreign minister.

However, the ruling party is yet to finalise its finance minister, the person who has to lead an immediate effort to negotiate a new International Monetary Fund (IMF) bailout. Pakistan has a narrow path to recovery and the current IMF agreement expires on April 11.

According to sources, renowned banker Muhammad Aurangzeb Khan and Shamshad Akhtar are likely to become the advisers to prime minister on finance and revenue.

Akhtar has been a key part of the recent caretaker government that has been praised by the IMF for “decisive policy efforts” to maintain stability.

Furthermore, sources claimed that Khawaja Muhammad Asif will retain the charge of defence ministry. Ahsan Iqbal is in line for planning minister, Ataullah Tarar for information minister, Musadik Malik for energy ministry.

Meanwhile, Jalil Abbas Jilani and Tariq Fatemi will become adviser and special assistant on foreign affairs, respectively. Former Punjab chief minister Mohsin Naqvi will be appointed as adviser on interior ministry.

It is pertinent to mention here that Pakistan People’s Party (PPP), a key ally in the coalition government, had expressed opposition to appointment of Ishaq Dar as the finance minister.

In the PDM-led government, Shehbaz initially appointed Miftah Ismail as finance czar to revive a stalled International Monetary Fund (IMF) program. However, five months into the role, Shehbaz replaced Ismail with Dar – which prompted an exchange of accusations between the two.

Earlier in the day, it was reported that PML-N supremo Nawaz Sharif directed PM Shehbaz Sharif to keep the federal cabinet small in the initial phase.

During a meeting today, PM Shehbaz Sharif tabled the proposed names for the federal cabinet. Sources quoting Nawaz Sharif said that the PML-N supremo called for keeping the cabinet small in the initial phase.