ISLAMABAD: Former Pakistan finance minister, Miftah Ismail, on Sunday announced forming a new political party that would be “internally democratic” and would speak for the “aspirations of all Pakistanis.”
Ismail, who took tough decisions for the resumption of the country’s stalled $6 billion International Monetary Fund (IMF) bailout, was forced to step down in September 2022 by the former coalition government of Prime Minister Shehbaz Sharif and with Ishaq Dar.
The former minister, along with other dissident politicians belonging to the then ruling coalition, kicked off a nationwide debate called “Reimagining Pakistan” in 2023, taking up a wide range of issues for discussion while expressing regret they were not adequately addressed earlier.
For the last several months, speculation had been rife that the former finance minister was planning to launch a new political group, which could be joined by former prime minister Shahid Khaqan Abbasi and ex-senator Mustafa Nawaz Khokar.
On Sunday, Ismail said they were forming a party based on “ideas and not personalities,” with women and young people as part of the leadership team.
“We are forming a different kind of party... a party that has professionals of integrity, competence and intellectual honesty, a party that belongs not to a province or a city but to the whole nation, a party that will constitutionally mandate term limits for its leaders, be internally democratic, and would never consider any individual or family to be indispensable,” he said on X.
“Most importantly, a party that speaks for the hopes and aspirations of all Pakistanis.”
In an op-ed written for the English-language daily The News on Saturday, Ismail said for the first time ever, they were not just apprehensive but frightened about the future of Pakistan.
“Daily survival is getting harder and harder for our people, our already ineffective governance is getting even worse, and our nation is drifting backward as the rest of the world is marching forward,” he wrote.
“We are fast reaching the point of no return – and it is imperative we take a hard look at our ineffective governance that has failed our people. We need to radically restructure our governance so that we can finally give hope and opportunity to all our people.”
Pakistan has for months been faced with low foreign exchange reserves, currency devaluation and high inflation. The South Asian country last month completed a short-term $3 billion International Monetary Fund (IMF) program, which helped stave off a sovereign default, but the incumbent government of PM Shehbaz Sharif has stressed the need for a fresh, longer-term program.
Pakistan and the IMF are expected to begin formal talks next week, with Islamabad saying it expects a staff-level agreement by July. Though both Pakistani and IMF officials have refrained from commenting on the size of the program, the South Asian nation is expected to seek around $7 billion bailout from the global lender.

ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif said on Sunday peaceful protests were a democratic right, but there should be “no tolerance” for violence, amid protests in Azad Kashmir for subsidized wheat flour and cheaper electricity.
The statement came a day after clashes erupted between police and supporters of the Jammu Kashmir Joint Awami Action Committee (JAAC) in various parts of the territory, resulting in the killing of a police officer and injuries to 90 others on both sides, according to officials.
The protests turned violent when police attempted to stop a rally headed for the Azad Kashmir capital of Muzaffarabad from Kotli and Poonch districts. The protesters are demanding electricity as per hydropower generation cost in Azad Kashmir, subsidized wheat flour, and an end to privileges enjoyed by the elite.
In his message on X, PM Sharif said he was “deeply concerned” over the situation in Azad Jammu and Kashmir (AJK) and had asked AJK PM Anwar-ul-Haq to hold talks with the protesters.
“Unfortunately, in situations of chaos and dissent there are always some who rush in to score political points,” he said. “While debate, discussion and peaceful protests are the beauties of democracy, there should be absolutely no tolerance for taking the law in one’s own hands and damaging government properties.”
Sharif urged all parties to resort to peaceful course of action for the resolution of their demands. “Despite best efforts of detractors, the matter will hopefully be settled soon,” he said.
Separately, the Azad Kashmir government on Sunday invited protesters for talks.
“The situation is currently peaceful and under control, and we are trying to settle issues through talks,” Abdul Majid Khan, a spokesperson of the Azad Kashmir government who is also its finance minister, told Arab News.
“We have invited the action committee to come and sit with us for dialogue on all their demands.”
Khan warned that no one would be allowed to take the law into their hands, emphasizing the government had exercised “significant restraint.”
He noted the government was providing wheat in Azad Kashmir at Rs3,100 [$11.16] per 40kg, which was already heavily subsidized and cheaper than in Pakistan’s most populous Punjab province, the main producer of the crop in the South Asian country.
The Himalayan territory of Kashmir has been divided between India and Pakistan since their independence from Britain in 1947. Both countries rule part of the territory, but claim it in full and have fought three wars over the disputed region.
The western portion of the larger Kashmir region is administered by Pakistan as a nominally self-governing entity.
Pakistan last year narrowly avoided a default on the payment of foreign debts when the International Monetary Fund and several friendly nations came to its rescue by giving it loans.
Pakistan’s monthly inflation rate at one point reached over 40 percent, but authorities say it had come down to 17 percent ahead of talks with the IMF for a new bailout. Islamabad plans to get at least $6 billion from the lender when it reaches a deal expected in the coming months.