KARACHI: Following the ruling Pakistan Tehreek-e-Insaf party’s loss of a key senate seat in Islamabad on Wednesday, experts say Finance Minister Dr. Abdul Hafeez Shaikh, who lost to joint opposition candidate Syed Yousaf Raza Gilani, has limited options to secure his political future.
Shaikh took oath as a federal minister under a presidential ordinance in December 2020 and is required to win a parliamentary seat until June this year to continue in his post.
“The government can retain him as special adviser, a position he held earlier, but he will not be able to enjoy the privileges of a cabinet minister under that arrangement,” vice chairman of the Islamabad Bar Council Zulfiqar Ali Abbasi told Arab News on Thursday. “Otherwise, there are no alternative options available to him and he will have to go.”
The presidential ordinance to elevate Shaikh as the federal finance minister was issued following a verdict by the Islamabad High Court (IHC) on including advisers and special assistants in cabinet meetings and committees.
The country’s constitution stops unelected individuals to work as ministers beyond six months, stipulating that such individuals cannot be appointed as ministers at the end of the six-month term unless they become members of parliament within that period.
However, some experts believe that the government can still get him elected before June and such a precedent exists.
“The government can retain him either as an adviser or make someone resign from a senate or national assembly seat where it is hundred percent confident of its victory,” Dr. Ikram ul Haq, a Lahore-based legal and financial expert, told Arab News. “Musharraf got Shaukat Aziz elected from Tharparkar in the past.”
Shaikh spearheaded the Pakistani team of economic managers dealing with the International Monetary Fund (IMF), but analysts say his departure will have little impact on the fund’s $6 billion loan program.
“The IMF program will remain on track because [Governor State Bank] Dr. Reza Baqir can assume a key role as he did during the staff level agreement with the fund,” Dr. Vaqar Ahmed, joint executive director at the Sustainable Development Policy Institute, told Arab News.
However, he said there was no doubt the government was in a tough spot.
After Shaikh’s defeat in the Senate election, the Pakistan Stock Exchange plummeted by 2.2 percent on Thursday morning, its highest fall in the last three months, though it recovered some of its losses during the day.
“The decline was caused by a perception that the government’s political alliance was weakening, and the country could witness an uncertain environment in the coming days,” Mohammed Sohail, chief executive officer at Karachi’s Topline Securities, told Arab News. “The market can stabilize once again if Prime Minister Imran Khan manages to win the vote of confidence.”
A report by Arif Habib Limited on Thursday said Asad Umar and Hammad Azhar could be two potential candidates for the post of finance minister, if Shaikh did not make it. Umar is currently serving as planning minister and Azhar as minister of industrial production.
Pakistan’s finance minister has limited political options after senate defeat — experts
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Pakistan’s finance minister has limited political options after senate defeat — experts
- Abdul Hafeez Shaikh was defeated by a joint opposition candidate in a major senate contest in Islamabad on Wednesday
- Appointed under a presidential ordinance, Shaikh is required to win a parliamentary seat until June to continue as finance minister
Pakistan chief of defense forces discusses regional developments, cooperation with UAE’s national security adviser
- Field Marshal Syed Asim Munir meets UAE’s National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan in Abu Dhabi
- Both sides discuss ways to strengthen cooperation in economic collaboration, trade and investment, says Pakistan military
ISLAMABAD: Pakistan’s Chief of Defense Forces Field Marshal Syed Asim Munir met UAE’s National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan in Abu Dhabi on Monday, during which the two sides discussed regional developments and bilateral economic and investment cooperation, the Pakistani military’s media wing said.
The meeting took place as tensions surge between Washington and Tehran. Both nations renewed negotiations earlier this month to tackle their dispute over Tehran’s nuclear program. The talks take place as Washington deploys warships, including a second aircraft carrier, to the Middle East region as mediators work to prevent a war.
Munir met Sheikh Tahnoon, who is also the deputy ruler of Abu Dhabi, in the UAE capital. The two sides discussed ways to strengthen cooperation in economic collaboration, trade and investment, the Inter-Services Public Relations (ISPR) said in a statement.
“They also exchanged views on regional developments and emphasized the importance of continued coordination to promote peace and stability in the region,” the ISPR said.
Munir appreciated the UAE government for its longstanding investments and continued support to Pakistan’s economy over the decades, the military said. He noted that such support reflects the deep-rooted relations between the two countries.
“Field Marshal Asim Munir further affirmed that the security and stability of the United Arab Emirates are an integral part of Pakistan’s own security, given the enduring historical relations and strong strategic partnership between the two countries,” the military’s media wing said.
“He reiterated Pakistan’s firm commitment to continuing joint efforts to further strengthen this partnership in all fields, in a manner that serves the interests of both brotherly peoples and contributes to peace, stability and prosperity in the region.”
Pakistan enjoys close ties with the UAE, which along with other friendly nations, has provided Islamabad critical financial assistance over the past couple of years as it grapples with a macroeconomic crisis.
Millions of Pakistanis live and work in the UAE, forming one of the largest expatriate communities in the Gulf state. Remittances from the UAE rank among Pakistan’s top sources of foreign currency inflows and play a significant role in supporting the country’s external accounts.
Pakistan’s President Asif Ali Zardari last month went to the UAE on an official visit during which he met senior members of the government there as well as businesspersons to discuss bilateral trade, investment and security cooperation.
