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
UK says Pakistan regulatory overhaul to yield £1 billion a year as Islamabad launches reform drive
- Britain says it worked with Pakistan on 472 proposed reforms to streamline business rules across key sectors
- PM Shehbaz Sharif says Pakistan has stabilized economy and now aims to attract investment by cutting red tape
ISLAMABAD: Britain’s development minister Jenny Chapman said on Saturday Pakistan’s sweeping new regulatory overhaul could generate economic gains of nearly £1 billion a year, as Islamabad formally launched the reform package aimed at cutting red tape and attracting foreign investment.
The initiative, driven by Prime Minister Shehbaz Sharif’s government and the Board of Investment, aims to introduce legislative changes and procedural reforms designed to streamline approvals, digitize documentation and remove outdated business regulations.
Chapman said the UK had worked with Pakistan on 472 reform proposals as part of its support to help the country shift from economic stabilization to sustained growth.
“These reforms will break down barriers to investment, eliminate more than 600,000 paper documents, and save over 23,000 hours of labor every year for commercial approvals,” Chapman said at the launch ceremony in the presence of Sharif and his team. “The first two packages alone could have an economic impact of up to 300 billion Pakistani rupees annually — nearly one billion pounds — with more benefits to come.”
Addressing the ceremony, the prime minister said the reforms were central to Pakistan’s effort to rebuild investor confidence after the country narrowly avoided financial default in recent years.
“Our economy was in a very difficult situation when we took office,” he said. “But we did not lose hope, and today Pakistan is economically out of the woods. Now we are focused on growing our economy and attracting foreign investment.”
He described the new regulatory framework as a “quantum jump” that would reduce corruption, speed up approvals and remove longstanding procedural hurdles that have discouraged businesses.
Chapman told the audience that more than 200 British companies operate in Pakistan, with the largest six contributing around one percent of Pakistan’s GDP.
She said the UK saw Pakistan as a partner rather than a recipient of aid.
“Modern partners work together not as donors but as investors, bringing all our strengths to the table,” she said, adding that the reforms would make Pakistani exports more competitive and encourage UK firms to expand their footprint.
Sharif highlighted the role of the British Pakistani diaspora and said Pakistan hoped to unlock more private capital by engaging diaspora entrepreneurs and financial institutions in the UK.
