Ex Finance Minister of Pakistan and Minister for Economic Affairs and Statistics
Mohammad Ishaq Dar , is a Pakistani economist and chartered accountant currently serving as the Pakistan Senator of the Pakistan Muslim League (N) to the Senate of Pakistan.
After getting elected unopposed in the 2012 Senate elections, Dar was nominated and appointed as the Leader of the Opposition in the Senate of Pakistan on 14 March 2012. He is the current Parliamentary leader to the Senate of Pakistan 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.
Dar is a graduate of Punjab University 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. Mr. Dar was one of the youngest Pakistanis at the time to have passed the Professional Qualification in minimum time period; Senator Dar is now a Fellow Chartered Accountant. 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)
In 1997, and set the house and the Ministry of Commerce under the government of Prime Minister Nawaz Sharif. The first time was seen house in the political field in 1992 when he was chosen secretary of state. In May 1998, Minister of Commerce of Pakistan when he was home test its nuclear weapons and the world responded with tough sanctions against Pakistan. Economy declined sharply and suddenly and Sartaj Aziz is no longer able to cope with economic pressures, and thus was called the house to rescue the economy as the new finance minister in Pakistan. Nawaz Sharif appointed him quickly and Finance Minister of Pakistan, and gained the confidence of the rapid Nawaz Sharif. Because it is no longer making the policies of capital and functional to Pakistan because of the sanctions, intended to house a centralized socialist economy plan for the economy in Pakistan. Was a challenge and the economy of Pakistan and out of control of the Government of Pakistan. Under the house, came in key industries, and the stock market under the strict control of the government. While the major industries of the private sector is still under the control of the private sector in the stock market and the stock market, dropped the foreign exchange markets and foreign exchange reserves in the framework for the government. This resulted in improvement in the ultimate control of the economy by the government.
The achievement of economic policy in the House Sharif government export-led growth as a cornerstone of economic strategy. Negotiation is being made the Minister of Finance in November 1998, an international Monetary Fund rescue package to counter the economic crisis caused by sanctions over nuclear tests in May of that year. Head of a state-owned banks announced later that “whether you call it voodoo economics or Darnomics, he has been the transfer of things,” he Darnomics as a unique business from Dar Isaac when he refused to accept a devaluation or an increase in public 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. Dar was once again elected as a Senator unopposed in the upcoming Senate Elections of 2012.
Despite their differences, PPP forced PML-N to join hands in the Federal Cabinet specially desiring Senator Ishaq Dar as the Finance Minister after the 2008 elections. Unfortunately Dar was not given enough time to substantially move things due to the Judicial issues and differences both parties had. All PML-N ministers resigned just a few months later.
The PML-N is reluctant to join the Council of Ministers due to differences between them on the issue of the judiciary in 2008. But Pakistan People’s Party is convinced PML-N to join the Council of Ministers will experience specifically in Dar Isaac ministry.The financial well-known chartered accountant seems to be the only hope for Pakistan nose dive economy.Unfortunately PML-N ministers, including Yitzhak Dar resigned from his post at a time later due to reinstate judges by Pakistan People’s Party, which has been agreed as a condition for the PMLN to join the government of the Council of Ministers. After the resignation of the Minister of the Federal PML-N, and the Pakistan People’s Party tried its best to convince the PML-N to join hands again, but the differences have grown too much. It was clear that the Pakistan People’s Party did not have a competent enough to deal with the economy nose dive from Pakistan. The only reason for the Pakistan People’s Party was trying to get them back to their house in Yitzhak their team – the only hope for the economy of Pakistan. Unfortunately this did not happen today, Pakistan is witnessing one of the darkest days in the history of the Pakistani economy.
Economic policy achievement
Dars 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 IMF 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.
In 2009, the former Finance Minister of Pakistan, Shaukat Tarin, admitted that Ishaq Dar played a vital role in helping the government clinch the NFC award between the Federal government and the provinces of Pakistan. Dar has constantly iterated the need to spend within one’s means in order to help Pakistan’s economy genuinely grow. Senator Dar was decorated with “Nishan-e-Imtiaz”, which is the highest civil award given to Pakistani nationals, for his Parliamentary services till date in Pakistan.
A leading financial-cum-economic expert, Senator Mohammad Ishaq Dar holds the important portfolio of Leader of the Opposition, Senate of Pakistan. A senior leader of Pakistan Muslim League (N) from Punjab, Senator Dar bears an impressive profile detailing an unprecedented track record finely bedecked and evenly interspersed with illustrious achievements and services on various fronts of human endeavor.
Of educational enviable record of professional acumen, and his political career unrivaled for holding various important portfolios, a member of the Senate House highlight par excellence, and recognized on a large scale, political technocrat. Commitment to the national interest, democracy, and led rule of law, a profession, and humanitarian endeavors, along with impeccable knowledge of finance, trade, economy and industry, in many awards and achievements during his career.
Finance Ministe 2008
He was slated to become the Finance Minister in the coalition government of PPP, PML-N, ANP and JUI-F formed after 2008 elections. Naveed Qamar, on the other hand, will be the new Minister for Privatization and Investment, with additional portfolio of Minister for Ports and Shipping.
On the academic level, and was a member of the Senate took place between the institutions, the famous Alma maters to him, including the School of Government (Government now University College), Lahore, and Hailey College of Commerce, Punjab University in Lahore (1966-1969). He was awarded two gold medals and record the position of honor in the first COM B. (Hons) at the University of the Punjab. Acumen Senator House career, understanding the remarkable complex of economic, financial and social issues of trade, investment and industry, is home to him, which not only earned him widespread recognition, but also helped him earn his reputation as a professional comprehensive. Has 42 years of professional experience in the profession of auditing, financial consulting, and management advisory services, business, trade and industry, both in public and private sectors in Pakistan and abroad.
Make a career start trainee chartered accountant with the Institute of Chartered Accountants in England and Wales (ICAEW) in 1970, he became an associate member (ACA) of the ICAEW in 1974, and the Institute of Chartered Accountants of Pakistan (ICAP) in 1975. Obtained his qualification and his Professional Fellowship (FCA) of the ICAEW in 1980 and the Institute of Chartered Accountants in 1984. After that, he also became an associate member (AFP) from the Institute of Public Finance Accountants of Pakistan. Currently, has been granted membership of a member of the Senate House the life of the ICAEW in January 2012.
After having worked as Director Finance of a British Textiles Group in London during 1974-76, Senator Dar accepted an offer in 1976 of the Government of Libya, and joined as Senior Auditor in the Auditor General Department at Tripoli. On returning to Pakistan in Dec 1977, he became National Partner in a Chartered Accountants firm, having offices at Karachi, Lahore and Rawalpindi, dealing with Tax, Corporate and Financial Management, audit and Consultancy maters of the clients, including public sector and public listed companies. In 1980, he became Financial Advisor to a multinational construction company having operations in Pakistan, Libya, Iran, Iraq and Saudi Arabia. From 1989 till 1997 (except when a Minister), Senator Dar acted as Chairman/Chief Executive and/or Director of a Non-Banking Financial Institution (Public Listed) in Pakistan. From February 2002 till March 2008, he acted as Financial Advisor to a Member of the Ruling Family of United Arab Emirates. In addition, he has also served till date as Director of World Bank, Asian Development Bank and Islamic Development Bank.
Senator Dar has been a Parliamentarian in the last 20 years, currently serving fifth term as Member Parliament. He was elected Member National Assembly twice (1993–96 and 1997-99), and, subsequently, for three consecutive terms, he has been elected Senator and appointed as Parliamentary Leader of PML (N) in the Senate. His current term as Senator expires in March 2018.
He held first public office (1992 – 1993) as Minister of State/Chief Executive of Pakistan Investment Board (PIB). He served as Federal Minister for Commerce & Investment (1997–1999). He was twice Federal Minister for Finance, Economic Affairs, Revenue and Statistics (1998-99 and 2008).
Senator Dar Served as Convener (Punjab Government’s Committee), National Finance Commission (NFC). He is also Member of the Parliamentary Committee on Constitutional Reforms, which finalized 18th, 19th and 20th Constitutional Amendments. He is also a Member of the Parliamentary Committee on the Judges Appointment in the Superior Courts as well as Parliamentary Committee on National Security. In Senate, Senator Dar has held the important portfolio of Chairman, Standing Committee on Industries and Production, in addition to working as Member of a few Standing Committee, including Finance, Revenue, Economic Affairs, Statistics and Planning and Development; Commerce; and Investment. He is also a Member of Senate Finance Committee, Executive Committee of Senate Employees Welfare Fund, and Board of Governors, Pakistan Institute of Parliamentary Services (PIPS). In recognition of his parliamentary services, the Government of Pakistan conferred on him Nishan-e-Imtiaz (the highest civil award for Pakistani nationals) in 2011.
PML-N ministers resigned
Unfortunately PML-N ministers including Ishaq Dar later resigned from the cabinet due to their differences with PPP on judiciary issue. Senator Dar is a member of number of standing committees and also chairs the Standing Committee on Industries and Production. Senator Dar is also the chairman of the University of Health Sciences, Punjab.
Ishaq Dar played a pivotal role in creating consensus on 18th Constitutional Amendment in March 2010 among 26 member parliamentary committee on constitutional reforms; both treasury and opposition members of parliament hailed his efforts for making 18th constitutional amendment possible. For the purpose of implementation of constitutional reforms by end of June 2011, National Implementation Commission has been established with a key role to Senator Dar as Deputy Chairman. He comes across as a strong contender for the post of Finance Minister, if and when the Sharif government comes to power; a wise choice given the man’s expertise in the area of finance. Senator Dar is a member of number of standing committees and also chairs the Standing Committee on Industries and Production. Senator Dar is also the chairman of the University of Health Sciences, Punjab.
Mohammad Ishaq Dar Pictures