Ishaq Dar
Encyclopedia
Mohammad Ishaq Dar is a Pakistani Economist
and currently serving as the Senator of the Pakistan Muslim League (N) to the Senate Secretariat
of Pakistan. He is the current Parliamentary leader to the Senate Secretariat and also served as the former Finance
& Commerce Minister
of Pakistan. He served as the Finance minister of Pakistan under Nawaz Sharif Government but his tenure was cut by the General Pervez Musharraf, then-Chairman of the Joint Chiefs of Staff Committee of Pakistan Defence Forces and Chief of Army Staff of Pakistan Army
.
which he attended in 1968. In 1972, he did his Bachelor of Commerce
with honors, and was awarded two Gold medals and Roll of Honor for First position in the University of Punjab. Immediately after his graduation Mr. Dar then went to the UK and did his Chartered Accountancy from ICAEW - there is no doubt about the fact that Dar is one of the highest professionally qualified politicians Pakistan has ever had. In 1993, Dar was the president of the Lahore Chamber of Commerence and Industry. As of today, Dar is currently the president of the International Affairs of the Pakistan Muslim League (N).
. The first time Dar was seen on the political field was in 1992 when he was chosen as the Minister of State. In May 1998, when Dar was the Commerce Minister Pakistan tested its nuclear weapons and the world responded with heavy sanctions against Pakistan. The economy nose-dived and Sartaj Aziz
could no longer cope with the economic stress, hence Dar was called upon for an economic rescue as the new Finance Minister of Pakistan. Nawaz Sharif quickly appointed him as the Finance minister of Pakistan, and gained a quick confidence of Nawaz Sharif. Because the capital policies were no longer made functional for Pakistan due to sanctions, Dar planned a socialist economics mainframe plan for the economy of Pakistan. It was a challenge as the economy of Pakistan was getting out of control of Pakistan Government. Under Dar, the major industries and stock market came under intense control of the government. While the major private industries remained under private control, the stock market and stock exchange, foreign exchange market
s and the foreign exchange reserves
fell under the favor of the government. This resulted in ultimate improvement of control of the economy by the Government.
Dar's economic policy achievement in the Sharif government was export-led growth as a cornerstone of economic strategy. Being made the finance minister in November 1998, he negotiated an International Monetary Fund rescue package to meet an economic crisis triggered by sanctions over nuclear tests in May that year. The head of a state-run bank later proclaimed that "Whether you call it voodoo economics or Darnomics, he has moved things," referring Darnomics as the unique working of Ishaq Dar when he refused to accept a devaluation or a rise in utility charges or tax rates.
Dar continued on the post till the Sharif government's overthrow by the military coup d'état led by then-Chairman of the Joint Chiefs of Staff Committee of Pakistan Defence Forces and Chief of Army Staff of Pakistan Army
General Pervez Musharraf. As of today, Ishaq Dar is a central parliamentary leader of Pakistan Muslim League (N)
(PML-N) and the parliamentary leader of PML-N in the Senate of Pakistan
since 2003. The first time Dar was elected for National Assembly was in the 1993 general elections and later in 1997 when he won the NA-97 Lahore-VI general seat. Dar was elected senator for the first time in 2003 and later in 2006 he was re-elected as the senator unopposed for the tenure ending in 2012.
issue in 2008. PPP however convinced PML-N to join the cabinet specially desiring Ishaq Dar's expertise in the Finance ministry. The highly renowned chartered accountant seemed to be the only hope for Pakistan's nose-diving economy. Unfortunately PML-N ministers including Ishaq Dar later resigned from the cabinet due to non-restoration of judges by PPP which was agreed as a condition of PMLN to join the government.
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
and currently serving as the Senator of the Pakistan Muslim League (N) to the Senate Secretariat
Senate of Pakistan
The Senate of Pakistan is the upper house of the bicameral Parliament of Pakistan. Elections are held every three years for one half of the senate and each senator has a term of six years...
of Pakistan. He is the current Parliamentary leader to the Senate Secretariat and also served as the former Finance
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
& Commerce Minister
Commerce Minister
A Business minister is a position in many governments that is responsible for regulating external trade and promoting economic growth...
of Pakistan. He served as the Finance minister of Pakistan under Nawaz Sharif Government but his tenure was cut by the General Pervez Musharraf, then-Chairman of the Joint Chiefs of Staff Committee of Pakistan Defence Forces and Chief of Army Staff of Pakistan Army
Pakistan Army
The Pakistan Army is the branch of the Pakistani Armed Forces responsible for land-based military operations. The Pakistan Army came into existence after the Partition of India and the resulting independence of Pakistan in 1947. It is currently headed by General Ashfaq Parvez Kayani. The Pakistan...
.
Education
Dar is a graduate of Punjab UniversityUniversity of the Punjab
University of the Punjab , colloquially known as Punjab University, is located in Lahore, Punjab, Pakistan. The University of the Punjab is the oldest and biggest University of Pakistan. The University of the Punjab was formally established with the convening of the first meeting of its...
which he attended in 1968. In 1972, he did his Bachelor of Commerce
Bachelor of Commerce
A Bachelor of Commerce is an undergraduate degree in commerce and related subjects. The degree is also known as the Bachelor of Commerce and Administration, or BCA...
with honors, and was awarded two Gold medals and Roll of Honor for First position in the University of Punjab. Immediately after his graduation Mr. Dar then went to the UK and did his Chartered Accountancy from ICAEW - there is no doubt about the fact that Dar is one of the highest professionally qualified politicians Pakistan has ever had. In 1993, Dar was the president of the Lahore Chamber of Commerence and Industry. As of today, Dar is currently the president of the International Affairs of the Pakistan Muslim League (N).
Ministerial career
In 1997, Dar was appointed and Commerce Ministry under the Government of Prime Minister Nawaz SharifNawaz Sharif
Mian Mohammad Nawaz Sharif is a Pakistani conservative politician and steel magnate who served as 12th Prime Minister of Pakistan in two non-consecutive terms from November 1990 to July 1993, and from February 1997 to October 12, 1999...
. The first time Dar was seen on the political field was in 1992 when he was chosen as the Minister of State. In May 1998, when Dar was the Commerce Minister Pakistan tested its nuclear weapons and the world responded with heavy sanctions against Pakistan. The economy nose-dived and Sartaj Aziz
Sartaj Aziz
Sartaj Aziz , PhD, is a world recognized Pakistani economist, peace and Pakistan Movement activist currently serving as a Senator from the Khyber Pakhtunkhwa Province to Senate Secretariat...
could no longer cope with the economic stress, hence Dar was called upon for an economic rescue as the new Finance Minister of Pakistan. Nawaz Sharif quickly appointed him as the Finance minister of Pakistan, and gained a quick confidence of Nawaz Sharif. Because the capital policies were no longer made functional for Pakistan due to sanctions, Dar planned a socialist economics mainframe plan for the economy of Pakistan. It was a challenge as the economy of Pakistan was getting out of control of Pakistan Government. Under Dar, the major industries and stock market came under intense control of the government. While the major private industries remained under private control, the stock market and stock exchange, foreign exchange market
Foreign exchange market
The foreign exchange market is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends...
s and the foreign exchange reserves
Foreign exchange reserves
Foreign-exchange reserves in a strict sense are 'only' the foreign currency deposits and bonds held by central banks and monetary authorities. However, the term in popular usage commonly includes foreign exchange and gold, Special Drawing Rights and International Monetary Fund reserve positions...
fell under the favor of the government. This resulted in ultimate improvement of control of the economy by the Government.
Dar's economic policy achievement in the Sharif government was export-led growth as a cornerstone of economic strategy. Being made the finance minister in November 1998, he negotiated an International Monetary Fund rescue package to meet an economic crisis triggered by sanctions over nuclear tests in May that year. The head of a state-run bank later proclaimed that "Whether you call it voodoo economics or Darnomics, he has moved things," referring Darnomics as the unique working of Ishaq Dar when he refused to accept a devaluation or a rise in utility charges or tax rates.
Dar continued on the post till the Sharif government's overthrow by the military coup d'état led by then-Chairman of the Joint Chiefs of Staff Committee of Pakistan Defence Forces and Chief of Army Staff of Pakistan Army
Pakistan Army
The Pakistan Army is the branch of the Pakistani Armed Forces responsible for land-based military operations. The Pakistan Army came into existence after the Partition of India and the resulting independence of Pakistan in 1947. It is currently headed by General Ashfaq Parvez Kayani. The Pakistan...
General Pervez Musharraf. As of today, Ishaq Dar is a central parliamentary leader of Pakistan Muslim League (N)
Pakistan Muslim League (N)
The Pakistan Muslim League is a conservative political party in Pakistan, affiliated with Western conservatism...
(PML-N) and the parliamentary leader of PML-N in the Senate of Pakistan
Senate of Pakistan
The Senate of Pakistan is the upper house of the bicameral Parliament of Pakistan. Elections are held every three years for one half of the senate and each senator has a term of six years...
since 2003. The first time Dar was elected for National Assembly was in the 1993 general elections and later in 1997 when he won the NA-97 Lahore-VI general seat. Dar was elected senator for the first time in 2003 and later in 2006 he was re-elected as the senator unopposed for the tenure ending in 2012.
Judicial issues
PML-N was reluctant in joining the cabinet due to their differences on the judiciaryJudiciary
The judiciary is the system of courts that interprets and applies the law in the name of the state. The judiciary also provides a mechanism for the resolution of disputes...
issue in 2008. PPP however convinced PML-N to join the cabinet specially desiring Ishaq Dar's expertise in the Finance ministry. The highly renowned chartered accountant seemed to be the only hope for Pakistan's nose-diving economy. Unfortunately PML-N ministers including Ishaq Dar later resigned from the cabinet due to non-restoration of judges by PPP which was agreed as a condition of PMLN to join the government.