Miftah vs Ishaq Dar

There has been a riding tide of reports that former Finance Minister Ishaq Dar is not just returning to Pakistan, but will reclaim his old ministry. The reports have been fuelled by ministers speaking out in his favour, the latest being Kh Saad Rafique, and others supporting incumbent Miftah Ismail. Dar is eminently qualified, having held the job in the last two Nawaz governments. However, Miftah has also got formidable academic qualifications, not to mention he has done the heavy lifting on the IMF, and has taken the blame for the stringent measures the IMF has insisted on, which have included ending the fuel subsidy and hiking the power tariff. It seems that the difference is not about relative merits, but the desire of Mian Nawaz Sharif to assert control over the party, more specifically over Prime Minister Shehbaz Sharif.

The debate has also laid bare divisions within the PML(N), which have little to do with economics, and more to do with those divisions. The existence of the debate has created the sort of market instability the country can ill afford, and which drive away the IMF package Dr Ismail has worked so hard to get. It is also not clear what rabbit Mr Dar will pull out of his hat if he assumes office. The elder Mr Sharif also needs to ask himself whether Mr Dar should take office and share in Dr Ismail’s obloquy, or whether he should be kept in a kind of reserve to offer the electorate hope.

The PML(N) should not treat this choice lightly. That a decision will have to be made soon is likely to be precipitated by Mr Dar’s return to Pakistan. However, he cannot waltz out of the airport into the Finance Ministry, because he must settle the cases against him, and only then will he be able to take oath as a Senator, which he has not done after being elected in 2018. Whatever decision the PML(N), it must make sure that it keeps a careful eye on what effect that decision has on the economy, which is more important than any internal party struggle.