Pakistan’s former finance minister announces new party, ending months of speculation
ISLAMABAD: Former Pakistan Finance Minister Miftah Ismail on Sunday announced the formation of a new political party that is “internally democratic” and represents the “aspirations of all Pakistanis”.
Ismail took the tough decision to restart the stalled $6 billion International Monetary Fund (IMF) bailout package, which was approved by the former coalition government of Prime Minister Shehbaz Sharif and Ishaq Dar in September 2022. was forced to resign.
The former minister, along with other dissident politicians from the then ruling coalition, launched a national debate in 2023 called “Rethinking Pakistan” to express regrets that had not been adequately addressed so far. A wide range of issues were brought up for discussion, while expressing their intentions.
Over the past few months, there has been speculation that the former finance minister is planning to start a new political group, which also includes former prime minister Shahid Khaqan Abbasi and former senator Mustafa Nawaz Khokhar. There is a possibility of participating.
Ismail said on Sunday he was welcoming women and young people to his leadership team and building a party based on “ideas, not personalities.”
“We are building a different kind of party…a party with professionals of integrity, competence and intellectual integrity, a party that belongs to the nation rather than a state or city, a party that constitutionally mandates term limits. “Leaders are internally democratic and never consider individuals or families indispensable,” he said in X.
“Most importantly, we are a party that represents the hopes and aspirations of all Pakistanis.”
In an op-ed for the English daily The News on Saturday, Ismail said for the first time that they are not only anxious but fearful about Pakistan’s future.
“Every day survival is becoming increasingly difficult for our people, our already ineffective governance is getting worse, and we are moving backwards as the rest of the world advances,” he wrote. Ta.
“We are rapidly reaching a point of no return and it is imperative that we take a hard look at the ineffective governance that has failed our people. It needs to be fundamentally restructured.”
Pakistan has faced declining foreign exchange reserves, currency devaluation and high inflation in recent months. The South Asian country completed a $3 billion International Monetary Fund (IMF) short-term program last month, helping it avoid default on its sovereign debt, but Prime Minister Shehbaz Sharif’s current government is seeking a new long-term program. emphasizes the need for
Pakistan and the IMF are scheduled to begin formal talks next week, and the Islamabad government has said it expects a staff-level agreement by July. Pakistan and IMF officials have declined to comment on the size of the program, but the South Asian country is expected to seek a bailout of about $7 billion from global financial institutions.
