The two represent one party. They headed the same ministry but could not be on the proverbial ‘same page’. Who would lose the grip first in this deadly tug-of-war between former and present finance ministers, both hell bent on destroying each other’s political careers? It’s a personal battle. Then, why is it attracting much public interest?
The latest in a series of accusations and counter accusations of battering Pakistan’s economy, former Finance Minister Miftah Ismail claimed that his successor Ishaq Dar ran campaigns against him for more than six months, as “he could not tolerate someone else from the party as the finance minister,” reported Geo.
Ismail said Dar was able to oust him because he is related to Nawaz Sharif, “his son is married to Nawaz’s daughter and was with him in London”. He further added that Dar would tell Sharif he would bring the dollar rate and petroleum prices down.
Shortly after, in a play of words, Ismail issued what could safely be called an apology. He tweeted: “In a podcast with Nadir Ali I mentioned Dar Sb’s relations with the party leadership, which has been a given a spin by the media. Upon reflection I regret doing so. I thank @fawadhasanpk and @SKhaqanAbbasi for pointing out my mistake…”
In a podcast with Nadir Ali I mentioned Dar Sb’s relations with the party leadership, which has been a given a spin by the media. Upon reflection I regret doing so. I thank @fawadhasanpk and @SKhaqanAbbasi for pointing out my mistake. Here is the clip with the offending sentence. pic.twitter.com/IPO9zookGR
— Miftah Ismail (@MiftahIsmail) January 5, 2023
However, the video clip attached makes his point very clear. The apology is meaningless.
Ismail and Dar differences have no hidden secrets. Shahbaz Rana recently wrote that since the beginning, “Ismail and Dar could not go along and both had serious differences of opinions on the IMF deal and the phasing out of fuel subsidies. Dar was never in favour of withdrawing the subsidies till June 2022, or until the IMF programme was revived.”
Back in 2018, Dar expressed dissatisfaction over Ismail’s decision to devalue the currency by Rs10 to a dollar and readjusting it to Rs115; taxing traders and increase in fuel prices.
“The manner in which the PML-N members commented on Miftah Ismail’s stride and height, his submission to the IMF etc., Ismail is 100 percent entitled to irritation and anger,” says journalist Khurrum Husain.
Miftah stepped down from his position as finance minister on September 25, some four months after the PML-N assumed charge, and Dar — the man from London — took over the office soon after. Ever since, the two have been firing random muskets at each other.
“The manner in which the PML-N members commented on his stride and height, his submission to the IMF etc., Ismail is 100 percent entitled to irritation and anger,” says journalist Khurrum Husain during Naya Daur’s flagship programme, Khabar Se Aagay.
“Ismail understood that Pakistan’s global position has changed. Most states do not have a pleasant memory of dealing with Pakistan in past. The US has distanced itself from Pakistan. The IMF has expressed blatantly unhappiness with Pakistan,” added Husain and continued that Ismail was spelling out to the PML-N bigwigs that the available options are few.
“But Dar walked in thumping his chest – as if he could change the country’s fortunes. What have we achieved? Nothing,” he said. He further stated that public continues to see him make promises of reforming the economy in pressers but no definitive measures towards achieving that ideal are evident — “I feel Ismail was right all along. Party members that were bad mouthing him didn’t see a clear picture of the country’s situation vis a vis development partners, creditors, and economic vulnerabilities.”
Lawyer Abdul Moiz Jaferii, talking on the same programme said, Ismail is being mocked because he is a non-Punjabi member of a Punjab-centric PML-N. “The way Dar has handled the petroleum subsidy issue, elite capture, and the ISI control over civilian bureaucracy, Ismail should in fact clearly state, ‘You have destroyed this party at the cost of your family’.”
Experts believe that Pakistan doesn’t need a magic wand to turn the economy around. The road map chalked out by Ismail, pertaining to IMF specifically, was transparent.
“If the PML-N had stuck to that plan, Pakistan would have been on the road to recovery – for the last four months, imports and exports reduced, financial markets suffered due to shortage of US dollars and lack of will to trade in dollars on market terms. We are in a frozen situation – and Dar has no solution,” said Husain.
Pakistan 0 a country at war within itself, within the party, with its neighbors, and with the world.