In a significant move within the government, Foreign Minister Ishaq Dar has assumed authority over Finance Minister Muhammad Aurangzeb, marking a notable shift in political dynamics. The former banker, Muhammad Aurangzeb, finds himself with limited options, though the implications of this power transition remain to be seen.
Following intense negotiations among coalition members, the government has appointed a new Deputy Prime Minister, a position that has been vacant for 12 years. This appointment coincides with critical discussions with the International Monetary Fund (IMF) for a substantial bailout package, underscoring the foreign minister’s desire to play a more central role.
Speculation suggests a return to prominence for Dar, possibly through budgetary responsibilities. In March 2024, winners of the General Elections hinted at this move, positioning Dar in a role akin to Deputy Prime Minister—a title that offers symbolic significance but lacks defined duties.
Last week, a notification confirmed Dar’s new portfolio, which includes Privatization and Foreign Affairs, alongside his appointment as deputy prime minister under PM Shehbaz Sharif. However, the specific responsibilities attached to this role remain ambiguous, essentially granting a title without a clear mandate.
The creation of this post, not constitutionally provided for, fulfills a longstanding request by certain politicians, with Dar’s inclusion in Shehbaz’s cabinet seemingly tied to this promise.
Legal opinions vary regarding the powers of such a position, with some arguing that precedent in other countries suggests the deputy premier could act as the de facto head in the absence of the prime minister.
Looking back, during his tenure as Finance Minister in 2022, Ishaq Dar fiercely reacted to comparisons with other nations facing economic challenges. Despite avoiding default at the time, Dar’s stewardship was marred by controversial economic policies, raising doubts about Pakistan’s economic trajectory.
With Dar now potentially wielding more influence over financial matters, concerns arise about the country’s readiness to tackle economic headwinds. While Pakistan has shown signs of improvement—with recent IMF disbursements boosting reserves to $9 billion—the road ahead remains uncertain, marked by volatile global oil prices and domestic energy costs.
The question remains: can Deputy Prime Minister Ishaq Dar navigate Pakistan through these turbulent times? As the nation grapples with complex economic realities, Dar’s role adds another layer to the intricate political landscape, promising unpredictability in the days to come.