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.
Former Pakistan finance minister announces forming new party ending months of speculation
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Former Pakistan finance minister announces forming new party ending months of speculation
- Miftah Ismail, who took tough decisions for resumption of Pakistan’s stalled $6 billion IMF bailout, was forced to step down in 2022
- Former minister says they are forming a party based on ‘ideas and not personalities,’ with women and young people as part of leadership
At ECO meeting, Pakistan proposes ‘Regional Innovation Hub’ to curb natural disasters
- Pakistan hosts high-level 10th ECO Ministerial Meeting on Disaster Risk Reduction in Islamabad
- Innovation hub to focus on early warning technologies, risk informed infrastructure planning
ISLAMABAD: Pakistan has proposed to set up a “Regional Innovation Hub on Disaster Risk Reduction” that focuses on early warning technologies and risk informed infrastructure planning, the Press Information Department (PID) said on Wednesday, as Islamabad hosts a high-level meeting of the Economic Cooperation Organization (ECO).
The ECO’s 10th Ministerial Meeting on Disaster Risk Reduction (DRR) is being held from Jan. 21-22 at the headquarters of the National Disaster Management Authority (NDMA) in Pakistan’s capital.
The high-level regional forum brings together ministers, and senior officials from ECO member states, representatives of the ECO Secretariat and regional and international partner organizations. The event is aimed to strengthen collective efforts toward enhancing disaster resilience across the ECO region, the PID said.
“Key agenda items include regional cooperation on early warning systems, disaster risk information management, landslide hazard zoning, inclusive disaster preparedness initiatives, and Pakistan’s proposal to establish a Regional Innovation Hub on Disaster Risk Reduction, focusing on early warning technologies, satellite data utilization, and risk-informed infrastructure planning,” the statement said.
The meeting was attended by delegations from ECO member states including Pakistan, Türkiye, Azerbaijan, Iran, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan. Representatives of regional and international organizations and development partners were also in attendance.
Discussions focused on enhancing regional coordination, harmonizing disaster risk reduction frameworks, and strengthening collective preparedness against transboundary and climate-induced hazards impacting the ECO region, the PID said.
ECO members states such as Pakistan, Türkiye, Afghanistan and others have faced natural calamities such as floods and earthquakes in recent years that have killed tens of thousands of people.
Heavy rains triggered catastrophic floods in Pakistan in 2022 and 2025 that killed thousands of people and caused damages to critical infrastructure, inflicting losses worth billions of dollars.
Islamabad has since then called on regional countries to join hands to cooperate to avert future climate disasters and promote early warning systems to avoid calamities in future.
