Miftah Ismail quits, Ishaq Dar to take over as Pakistani finance minister

Pakistan’s Finance Minister Miftah Ismail (fourth left) shakes hand with former Prime Minister Nawaz Sharif (center) after submitting his resignation in London, UK, on September 25, 2022. (@SulemanSharif82/Twitter)
Short Url
Updated 26 September 2022
Follow

Miftah Ismail quits, Ishaq Dar to take over as Pakistani finance minister

  • Miftah Ismail’s resignation comes as Pakistan grapples with a plethora of economic woes
  • The crisis is exacerbated by deadly floods that have cost Pakistan an estimated $30 billion

ISLAMABAD: Pakistan’s Finance Minister Miftah Ismail on Sunday said he would formally resign from the role, after Prime Minister Shehbaz Sharif decided to task his party’s financial wizard Ishaq Dar with the responsibility.

The announcement by Ismail comes at a time when Pakistan is grappling with a widening current account deficit, currency depreciation and a 47-year high inflation that hit 27.3 percent in August.

The economic crisis is exacerbated by deadly floods that have killed more than 1,600 people and affected 33 million others, with officials estimating nationwide losses at $30 billion.

Ismail said he “verbally resigned” from the post in a meeting with PM Sharif and his elder brother, Nawaz Sharif, three-time former prime minister, in London.

“I have verbally resigned as Finance Minister,” the Pakistani finance minister said on Twitter Sunday night.

“I will tender a formal resignation upon reaching Pakistan. It’s been an honor to serve twice as Finance Minister.”

Ismail and PM Sharif are expected to return to Pakistan early this week.

Dar, a finance minister in Nawaz’s cabinet and an influential figure in his Pakistan Muslim League-Nawaz (PML-N) party, has been in exile for five years.

He had left the country for the United Kingdom to seek medical treatment after the Supreme Court disqualified Nawaz in October 2017 for not declaring a small source of income. The court had ordered an investigation into Sharif, his children and Dar, who is also Nawaz’s former accountant.

Dar himself was disqualified from office by the Supreme Court in 2017. Months after leaving for London, Dar was charged in absentia by an anti-corruption court in Pakistan for amassing wealth beyond known sources of income.

The former finance tzar says the case against him was politically motivated.

Ismail is the fifth finance minister to be replaced in less than four years amid years of political and economic turbulence in the South Asian country.

The devastating floods that hit late last month have fanned fears that Pakistan would not meet its debts.

On Friday, Ismail reassured investors that the South Asian country would not seek any relief from commercial banks or Eurobond creditors, after PM Sharif requested wealthy countries for a “substantial debt relief.”


Curfew extended in Gilgit-Baltistan, probe ordered after deadly Khamenei protests

Updated 03 March 2026
Follow

Curfew extended in Gilgit-Baltistan, probe ordered after deadly Khamenei protests

  • At least 15 people were killed in clashes with law enforcement agencies over the weekend in Gilgit-Baltistan
  • Government also announces a de-weaponization campaign, crackdown on hate speech and cybercrime in region

ISLAMABAD: The government in Pakistan’s Gilgit-Baltistan (GB) region on Tuesday extended a curfew in Gilgit district and ordered a judicial probe into violent protests over the killing of Iranian Supreme Leader Ali Khamenei in US-Israeli strikes last week, an official said.

At least 15 people were killed in clashes with law enforcement agencies over the weekend in GB, where protesters torched and vandalized several buildings, including United Nations regional offices, an army-run school, software technology park and a local charity building.

The violence prompted regional authorities to impose curfew in Gilgit and Skardu districts on March 2-4 as officials urged people to stay indoors and cooperate with law enforcers, amid widespread anger in Pakistan, particularly among members of the Shiite minority, over Khamenei’s killing.

On Tuesday, the GB government convened to review the situation and announced the extension of curfew in Gilgit among a number of security measures as well as ordered the establishment of a judicial commission to investigate the weekend violence in the region.

“The government has made it clear that the law will strictly take its course against elements involved in vandalism at government institutions, private properties and incidents of vandalism in Gilgit and Skardu and no kind of mischief will be tolerated,” Shabbir Mir, a GB government spokesperson, said in a statement.

“In view of the security situation, curfew will remain in force in Gilgit, while the decision to extend the curfew in Skardu will be taken keeping the ground realities and the changing situation in view.”

The statement did not specify how long the curfew will remain in place in Gilgit.

Besides the formation of the judicial commission to investigate the violent clashes, the government also decided to launch a large-scale de-weaponization campaign in the entire Gilgit district, for which relevant institutions have been directed to immediately complete all necessary arrangements, according to Mir.

In addition, a crackdown has been ordered on hate speech, spread of fake news and cybercrime.

“The aim of these decisions is to ensure the rule of law, protect the lives and property of citizens and crack down on miscreants,” he said. “Approval has also been given to immediately survey the affected infrastructure and start their restoration work on priority basis.”

Demonstrators in Pakistan’s southern port city of Karachi also stormed the US Consulate on Sunday, smashing windows and attempting to burn the building. Police responded with batons, tear gas, and gunfire, leaving 10 people dead and more than 50 injured.

Pakistani authorities have since beefed up security at US diplomatic missions across the country, including around the US consulate building in Peshawar, to avoid any further violence.