Ishaq Dar

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Senator
Mohammad Ishaq Dar
سینٹر محمد اسحاق ڈار
FEDERAL FINANCE MINISTER OF PAKISTAN SENATOR ISHAQ DAR.jpg
Dar at the Finance ministry's secretariat, 2013.
Minister of Finance
Incumbent
Assumed office
7 June 2013
President Mamnoon Hussain
Prime Minister Nawaz Sharif
Preceded by Saleem Mandviwalla
In office
31 March 2008 – 15 May 2008
Prime Minister Yousaf Raza Gillani
Preceded by Salman Shah
Succeeded by Naveed Qamar
In office
7 November 1998 – 12 October 1999
Prime Minister Nawaz Sharif
Preceded by Sartaj Aziz
Succeeded by Shaukat Aziz
Minister of Commerce
In office
17 February 1997 – 12 October 1999
President Rafiq Tarar
Prime Minister Nawaz Sharif
Preceded by Ahmad Mukhtar
Succeeded by Humayun Akhtar Khan
Pakistan Senator from Punjab
Incumbent
Assumed office
15 March 2006
Preceded by Nisar Memon
Personal details
Born Mohammad Ishaq Dar
(1950-05-13) May 13, 1950 (age 64)
Lahore, Punjab, Pakistan
Citizenship  Pakistan
Nationality Pakistani
Political party Pakistan Muslim League (N)
(1988-)
Alma mater Government College University, Lahore
(BA)
University of the Punjab
(BCom)
Cabinet Sharif ministry
Religion Islam
Notable awards Nishan-e-Imtiaz (2012)

Mohammad Ishaq Dar (Urdu: محمد اسحاق ڈار; b. 13 May 1950[1]); is a Pakistani politician, economist, financier, conservative figure, and a chartered accountant who is serving as the Finance Minister of Pakistan, appointed since 7 June 2013.[2][3][4][5][6] In addition, he is also a senior Senator which he was elected unopposed in the Senate elections held in 2012.[7] As of current, he is the parliamentary leader of the PML(N) in the Senate; prior to that, he previously served as the Leader of the Opposition appointed on 14 March 2012.[8]

His political philosophy reflects fiscal conservatism and notably gained controlled of the national economy on November 1998 after successfully negotiated to IMF for a bail-out plan to divert the economic sanctions imposed over the nuclear tests in May that year. His economic approach has been noted as "Darnomics" (or Sharifnomics) as successful economics goals were achieved and with a quick economic recovery"[9]Darnomics is a term coined by Herald to describe Dar's approach after a refusal to accept a devaluation in utility tax rates. Dismissed by Pervez Musharraf in 1999, Dar's economic policies achievement in the Sharif government was export-led growth as a cornerstone of economic strategy. His economic expertise were called upon by Prime Minister Yousaf Gillani in 2008 but resigned due to political differences.

Biography[edit]

Education and Professional Career[edit]

Institute of Chartered Accountants in England and Wales.

Mohammad Isaq Dar was born in Lahore, Punjab, Pakistan, on 13 May 1950 to a religiously oriented family. He is of the KashmiriPunjabi decent.[7] His family had long ties with the Muslim League and his parents were staunch activists of the historic Pakistan Movement in 1940s.[10] After graduating from the local high school in Lahore, Dar enrolled at the Government College University to study economics, where he graduated with an BA in Economics.[11] In addition, Dar also studied at the Hailey College of Commerce in 1966, and gained BCom from the Punjab University in 1969.[11] At the Punjab University, he graduated with a cum laude where he secured highest marks, standing for the first position in his BComm. examinations.[11] Dar was conferred with two gold medallions and a roll of honor by the Punjab University.[11]

Dar joined the senior accountant staff of the Ittefaq Steel Foundry, where he began to get acquinted with Nawaz Sharif in 1970.[7] At the Ittefaq Steel, Dar established his reputation as a competent accountant and was noted for his breadth knowledge of understanding of complex financial, economic, social, trade, investment and industrial issues in the finance industry.[1] In 1971, Dar went to United Kingdom where his international career started as a Trainee Chartered Accountant with the Institute of Chartered Accountants in England and Wales (ICAEW); he became an associate member of ICAEW in 1974 whereas he was given associateship at the Institute of Chartered Accountants of Pakistan (ICAP) in 1975.[12] In 1980, his post qualification professional experience earned him fellowship ICAEW and of ICAP in 1984. In 2012, the ICAEW directors announced to bestowed the life membership to Dar; subsequently he was awarded a fellowship by the Institute of Public Finance Accountants of Pakistan, also the same year.[12]

From 1974–76, Dar worked as Director of Finance for British Textiles Group in London before resigning in favor of joining the Libyan government.[13] In 1976, Dar joined the Libyan government's department of auditor-general at Tripoli to perform financial calculations for the Libyan government finances.[13] In 1977, Dar returned to Pakistan where he joined the corporate sector and began working as a financier in country's leading nationalized and privatized industries.[13] In 1980, he began consulting on financial matters to multinational construction companies of Pakistan, such as al-Azam and HCS, Inc, which had major operations in Pakistan, Libya, Iran, Iraq and Saudi Arabia.[13]

During the years of 1989–90 and 1993–97, Dar served as Chairman and CEO of the Non-Banking Financial Institution, PLC. in Pakistan.[14] From 2002–08, Dar was called up to UAE where he served as finance adviser Hamdan bin Rashid al–MaktoumMinister of Finance of UAE.[15] In addition, he has tenured as Director of World Bank, Asian Development Bank and Islamic Development Bank throughout his career.[14]

Career in national politics[edit]

Minister of Commerce and Finance (1989–99)[edit]

In late 1980s, Dar began to take interests in national politics and began closer to Nawaz Sharif due to similar the ideology.[16] He performed well on general elections held in 1988 and 1990, eventually becoming MNA of the National Assembly.[16] In 1992, he was appointed as Minister of State for Commerce and Finance, and worked extremely closed with strategist Sartaj Aziz on economic issues.[17] Dar assisted Prime Minister Nawaz Sharif's privatization programme and to alleviate business in commerce industry.[17] Dar's role and his breadth of knowledge on economics helped him shape his role in Pakistan's national security issues[18] Along with Prime Minister Nawaz Sharif and then-Finance minister Sartaj Aziz, Dar worked on limiting chief of army staff General Mirza Aslam Beg's role on security issues.[18]

From 1990–93, Dar served as the Executive officer of Board of Investment and president of Lahore Chamber of Commerence and Industry (LCCI) which remained associated until 1997.[16] Dar again defended his constituency during the general elections held in 1997, eventually elevated as Commerce Minister in the Commerce ministry. Dar is noted for being a vehement and staunch supporter of nuclear tests (codename: Chagai-I) conducted in 1998, having supported the conservative cause for it.[19] In 1998, Dar was eventually brought up as Finance Minister, replacing Sartaj Aziz who was appointed national security adviser and Foreign Minister.[19] At the national security meeting with Prime Minister Sharif, Dar drafted an economy rescue plan after economic sanctions were imposed on Pakistan, following another test: Chagai-II, also in 1998.[19] He quickly reached out to the International Monetary Fund (IMF) and presented the programme, which he termed as "Opening balance", which had been criticized by the IMF for sending wrong signals to international community.[20] Nonetheless, Dar convinced the IMF to approve a bail-out plan for Pakistan to maintain delicate balance in its foreign exchange reserves.[20] This was considered a significant achievement in Dar's political career, and made him a close adviser to Prime Minister Sharif.[20]

Dar's tenure was abruptly terminated by General Pervez Musharraf after staging a self-coup against Prime Minister Sharif in 1999. Dar was arrested by police and was held in Adiala jail with Prime Minister Sharif and his cabinet officials over the corruption charges pressed by Musharraf.[21] Dar was imprisoned for more than an year in Adiala prison and his charges never went to a trial.[21]

Upon released in 2000, Dar worked on PML(N)'s public image and handled PML(N)'s international affairs, PML (N), since 2002.[21] From 2004–07, Dar tirelessly worked on PML(N)'s economic programme and helped drafting the policies concerning the social issues.[21]

Parliamentary opposition (2008–13)[edit]

In 2008, the conservative PML(N) and the leftist PPP secured landslide victory against Pervez Musharraf in the general elections. In spite of ideological differences, the PPP and PML-N decided to form a government to be run under Yousaf Raza Gillani as its Prime Minister and Asif Zardari as President. At the urgings and behest of President Asif Zardari, Dar was brought up as the Finance Minister to provide with a rescue plan for the national economy.[22] One of the major contribution of Dar was the creation of the Benazir Income Support Programme (BISP), initiated by Prime Minister Yousaf Raza Gillani in 2008 to provide cash assistance to the low income class in Pakistan.[23]

Within six weeks, the PML(N) pulled out from the Gillani ministry as Nawaz Sharif determinately led the movement to restore the judiciary.[16] In 2012, Dar ran for the Senate elections, and was elected as the Leader of the Opposition in Senate.[16]

Finance Minister (2013–)[edit]

State emblem of Pakistan.svg

Upon PML(N)'s remarkable performance and victory in the nationwide general elections held in 2013, Dar was widely speculated as tenuring as Finance Minister in the news media.[24] Officially, Dar took an oath as a Finance Minister on 7 June 2013.[25] With only a few days left before the federal budget for Pakistan is presented; Dar has been working with his finance team since 12 May 2013.[24]

Initial financial calculations were aimed towards the budget makers with an ambitious target by the incoming PML-N government to bring down next year's fiscal deficit by about 2.50% of GDP through a combination of revenue and expenditure control measures of over ₨. 550 billion. With an interaction with Dar, the senior economists and officials of the Finance ministry gave out an understanding that current year's budget deficit would be restricted within 7.5pc of GDP or less than ₨. 1.8 trillion. Instructions were given to bureaucrats by Dar that the deficit to be scaled down by about 2.5pc of GDP and desired the budget makers to design next year's budget on those lines.[26]

2013–2014 Fiscal Budget[edit]

On 13 June 2013, Dar presented the federal budget for 2013–14, which was termed as "business friendly". Total outlay of the federal budget was ₨. 3.5 trillion with an annual deficit of 6.3%; the inflation was set at 9.5% as the GDP growth was projected at 4.8%. The budget putted ₨. 1.55tn for the PSDP; additional allocation of ₨. 75bn for the BISP; the defence expenditure was kept at ₨. 627bn as the debt servicing was near at the ₨. 926bn. The GST was increased from 16% to 17% as the social security was up by 10%, with minimum raised from ₨. 3000 to ₨. 5000; the ₨. 225bn was reserved for energy sector development.

An increase of 10 percent has been proposed in the pension of retired government employees and the minimum monthly pension has been raised from Rs3000 to 5000. The budget for next fiscal earmarks an amount of Rs75 billion under Income Support Program. The tax exemption for luxury cars is proposed to be abolished while 1200 cc hybrid cars are being exempted form import duty. A concession of 50 percent has been proposed for 1200–1800 cc cars. Rs20,000 tax will also be applicable on the purchase of 1000 CC cars.

A withholding tax on wedding ceremonies being held at commercial venues has also been proposed along with taxes on foreign movies and dramas. Taxes on cigarettes, pan and chahliya have also been increased. GDP growth rate target for FY 2013–14 has been projected at 4.8 percent and revenue target at Rs2.475 trillion. The non-tax income will be Rs800 billion. The government has allocated Rs185 billion as power subsidy.

Ishaq Dar maintained that the circular debt amounting to more than Rs500 billion will be eliminated in 60 days.The budget proposes to abolish the ministers’ discretionary funds. The government will initiate a Prime Minister Laptop scheme in the days to come. Customs duty on water filtration equipment is proposed to be decreased while the people’s works program renamed as Tamir-e-Watan Pakistan program. Dar said that the auction for 3G technology will be held soon and the borrowing from the State Bank of Pakistan (SBP) will be reduced. The rate of inflation will be kept under single digit and its targeted rate for FY 2013–14 has been fixed at 9.5 percent. He said the government inherited a battered economy and the average rate of inflation stood at 13 percent in last five years." [27]

Positive Opinion on the 2013–2014 Budget[edit]

"ISLAMABAD: For the first time in history, we have a budget with a trillion rupee Public Sector Development Programme (PSDP). That’s a trillion rupees worth of schools, hospitals, motorways, link-roads, electricity grids and dams. That’s Rs6,000 for every man, woman and child on the face of this country. That’s Rs30,000 for every Pakistani family.

For the first time in history, we have a budget where the government’s expenditure stream is not much different from the previous budget. For the first time in history, the allocation for the PM’s Office has gone down from Rs720 million to Rs500 million, a 45 percent year-over-year cut. For the first time in history a prime minister has voluntarily given up his Rs42 billion discretionary fund (and abolished discretionary funds of the federal ministers). Two other first-timers are the shaadi tax and the drama tax. The budget also has a sign of political maturity as in the past governments have always abandoned schemes-whether good or bad-of their predecessors. The Benazir Income Support Programme of targeted subsidies stays. I only wish that we had retained the original name and made it conditional as oppose to keeping it as an unconditional subsidy.

For the first time since the nationalization programme began back in the January of 1972 a serious attempt to fill the Rs500 billion hole in the so-called Public Sector Enterprises is now under way. For the first time in four decades, a political will to stop uninterrupted bleeding has cropped out almost from nowhere. Is the will accompanied by capability? Only time will provide the answer. Life being what it is, the budget also has dreams, bubbles and castles in the air. Bringing down the fiscal deficit from Rs2.2 trillion to Rs1.6 trillion is one of them. Others include the floatation of dollar bonds in the international markets, increasing the investment-to-GDP ratio to 20 percent, increasing international reserves by 100 percent and keeping inflation in single digit.

There’s good news on higher education—an allocation of Rs57 billion and a 50 percent jump in the number of scholarships. There’s good news on circular debt as well—a time frame of 60 days and a rumoured Rs400 billion T-bill auction to wipe off the entire debt. Our minister of finance may not make favourable headlines, but he has made history. The document that he has presented makes him a dreamer and an artist —two in one. Someone intelligent once said, “An artist is a dreamer consenting to dream of the actual world.” [28]

Criticism on the 2013–2014 Budget[edit]

The main criticism of the 2013–2014 Budget comes towards the increase in GST and the zero-increment on salaries of Government employees.

"KARACHI: Muttahida Qaumi Movement (MQM) has rejected the federal budget for the news fiscal year 2013–14, terming it a burden on the masses. Addressing a press conference at Khursheed Begum Secretariat, Azizabad, MQM leader Farooq Sattar said that the increase of General Sales Tax (GST) is a ‘merciless step’ for the people.

Sattar said that no measures were taken to provide relief to the masses. He further said that the first priority of the government should be to eliminate electricity load shedding in the country, but, he added that no steps were taken in this regard. The MQM leader said the PML-N government also failed to introduce any policy to bring back looted money. While criticizing the government, Sattar said that money should be allocated in the budget to counter terrorism." [29]

"Rawalpindi: Teachers have deplored the new government for presenting what they termed the worst budget in the history of Pakistan. Giving their views on the budget, a good number of teachers, led by Punjab SST Teachers Association (Rawalpindi) President Shafiq Bulawalia, Central President Mohammad Aslam Gujar, General Secretary of All Punjab Teachers Association Saghir Aalam lashed out at the government for providing no incentives to government employees, including teachers, in the budget.

Shafiq Bulawalia and Mohammad Aslam Gujar criticised the government for not making increase in salaries of government employees. According to them, it was for the first time in the country’s history that government employees have been totally neglected. They said that the PML-N before elections had made tall claims for providing relief to the masses. After coming into power, they said, the PML-N government instead put extra financial burden on them by increasing taxes, which has resulted in price hike.

“We, the teachers, are holding talks with government employees of different departments for launching a protest movement against the first anti-people policy of the new government. In this connection, the SST Teachers Association will hold a meeting next week to chalk out a strategy for launching protest movement in favour of our demands and rights,” they said. He said that the government also did not consider unifying the pay structure of its employees.

Saghir Aalam of APTA, while reminding the prime minister and the chief minister about their promises with regard to fixing the minimum salary of workers at Rs18,000, said that not even one rupee has been enhanced in the salaries of government employees. He urged the government to review its decision of non-increase in salaries. The salaries of government employees should be increased in accordance with the prevailing price hike, he demanded. Otherwise, he said that the Punjab Teachers Association would launch a protest movement against the government." [30]

Criticism Well-Taken; 10% Increase In Government Employees' Salaries[edit]

"ISLAMABAD: Federal Minister for Finance Ishaq Dar Saturday announced to raise salaries of government employees by 10 percent following recommendations of the committee tasked to review its feasibility, Geo News reported.Finance Minister Ishaq Dar had constituted a committee to review the possibility of an increase in the salaries of government servants on late Thursday.

The committee proposed 7.5 percent raise in the salaries, however, Dar said the government has increased it by 10 percent. The PML-N budget was widely criticized for not raising the salaries of government employees, while the prices of all commodities including milk, sugar, cigarettes, petrol, diesel and CNG were raised because of the raise in the GST. Senator Dar said the raise in salaries of government employees would be effective from July 01." [31]

Minister's Views on Federal Budget 2013–2014[edit]

"Federal Minister for Finance, Senator Muhammad Ishaq Dar said Saturday that the federal budget for the upcoming financial year 2013–14 will be presented before the National Assembly on Wednesday, June 12 after its approval from federal cabinet.The upcoming budget would mainly focus on revival of economy with special concentration on overcoming circular debt to resolve the prevailing energy crisis in the country, Ishaq Dar said while talking to media after assuming the office of Federal Minister for Finance, Revenue and Economic Affairs and Statistics here.

Ishaq Dar said that the government has already devised a strategy to overcome the prevailing challenges at economic front including energy crisis.Before the presentation of the budget in the National Assembly, the meeting of National Economic Council (NEC) is scheduled to be held on Monday June 10 to consider and approve funding for Public Sector Development Programme(PSDP) (2013–14).Senator Ishaq Dar said that the circular debt has expanded to Rs.500 billion and for resolving energy crisis there is dire need to get rid of this burden adding that the upcoming budget would be devised in a way to come out of this vicious circle.

He was of the view that country was facing several challenges however,added that the government would try its best to overcome these and help economic development.He said that inflation was also one of the pressing issues but it could not be brought down overnight and would take some time to provide relief to masses.

The federal minister said that the debt on government has surged from Rs.3000 billion up to Rs.14000 billion and the government is not only bound to pay back the loans but also pay interests according to the schedule.The government would definitely opt for a better mechanism to pay back these loans adding that it was already engaged to devise a proper strategy in this regard adding that some payment are due till December. The federal minister said that the country also have to spend on its defense, infrastructure and other social sector programs. He said that the International Monetary Fund (IMF) post-monitoring program missions is scheduled to visit Pakistan in the third week of June.

On revenues, the federal minister said that the Federal Board of Revenue(FBR) has been directed to achieve its revised tax collection target well in time. The FBR had revised the revenue target from Rs.2301 to Rs.2193 and then to Rs.2116.The minister said that the government would try to achieve the revenue targets it would set for the upcoming fiscal year (2013–14). He said there is dire need to enhance income and resources to help improve economy and lead the country towards progress and prosperity. He stressed the need for striking balance between income and expenditures and informed the media persons that austerity measures will be taken to reduce the expenditures."[32]

Judicial Issues[edit]

PML-N was reluctant in joining the cabinet due to their differences on the judiciary 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. After the resignation of PML-N Federal Ministers, PPP tried their best to convince PML-N to join hands again but the differences had grown too much.

Nishan E Imtiaz – The Highist Civil Award for Pakistani Nationals

Achievements[edit]

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.[33]

Constitutional Amendments[edit]

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. 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.

References[edit]

  1. ^ a b staff writer. "Muhammad Ishaq Dar". Pakistan Herald. Retrieved 3 October 2014. 
  2. ^ http://www.finance.gov.pk/
  3. ^ Dar Appointed Pakistan’s Finance Minister as Growth Falters, http://www.bloomberg.com/news/2013-06-08/dar-appointed-pakistan-s-finance-minister-as-growth-falters.html Bloomberg, 8th June 2013
  4. ^ Sharif Plans to Appoint Ishaq Dar Pakistan Finance Minister, http://www.bloomberg.com/news/2013-05-13/sharif-to-appoint-dar-pakistan-finance-minister-ahead-of-budget.html Bloomberg, 14 May 2013
  5. ^ Ishaq Dar to become Finance Minister, http://dawn.com/2013/05/13/ishaq-dar-to-become-finanace-minister-pml-n-spokesperson/Dawn News, 13 May 2013
  6. ^ Nawaz Sharif picks finance minister as stocks hit high , http://www.khaleejtimes.com/kt-article-display-1.asp?xfile=data/paknews/2013/May/paknews_May45.xml&section=paknewsKhaleej Times, 14 May 2013
  7. ^ a b c Senate of Pakistan: Ishaq Dar. "Senate of Pakistan: Ishaq Dar". Senate of Pakistan: Ishaq Dar. Retrieved 3 October 2014. 
  8. ^ Dar Appointed as the Opposition Leader, http://www.thenews.com.pk/article-39858-Dar-appointed-Senate-opposition-leader The News Pakistan, 14 December 2012
  9. ^ Mohammad Ishaq Dar, http://www.pakistanherald.com/Profile/Muhammad-Ishaq-Dar-214 The Pakistan Herald
  10. ^ et. al. unknown (2010). Pakistan Muslim League. General Books LLC, 2010. ISBN 1155572416. 
  11. ^ a b c d Dar, Senator of Pakistan Muslim League (N) to the Senate hof Pakistan Parliament 2008., Ishfaq. "Mohammad Ishaq Dar". Senate of Pakistan. 
  12. ^ a b Rana, Shahbaz (14 May 2013). "Right man for the Job?". Express News, 14 May 2013. Express News. Retrieved 4 October 2014. 
  13. ^ a b c d PD, Et. al. (2014). "Senator M.I. Dar." (PDF). Ministry of Finance press. Retrieved 4 October 2014. 
  14. ^ a b edited by IMF, International Monetary Fund (2000). Summary Proceedings of the Fifty-Fourth Annual Meeting 1999. International Monetary Fund. ISBN 1455229601. Retrieved 4 October 2014. 
  15. ^ TV ancors (6 February 2014). "Economy put on right track: Ishaq Dar". Awaz TV. Awaz TV. Retrieved 4 October 2014. 
  16. ^ a b c d e Dawn.com, Imran Kazmi (25 April 2013). "Dawn Profile: MI Dar". Dawn newspaper, 2013. Dawn newspaper. Retrieved 5 October 2014. 
  17. ^ a b Senate Secretariat. "Senate standing committee on national security". Senate Secretariat press. Retrieved 5 October 2014. 
  18. ^ a b Scott-Clark, Adrian Levy & Catherine (2010). Deception Pakistan, the United States, and the secret trade in nuclear weapons (E-book ed. ed.). New York: Walker & Co. ISBN 0802718604. Retrieved 5 October 2014. 
  19. ^ a b c Khan, Feroz Hassan (2012). Eating grass the making of the Pakistan's atomic bomb. Palo Alto: Stanford University Press. ISBN 0804784809. 
  20. ^ a b c Rizvi, Asad J (2011). Loud thinking (First edition. ed.). Karachi, Pakistan: FP Publications, Co. ISBN 0578078457. 
  21. ^ a b c d Anthony, Augustine (14 May 2013). "Sharif Plans to Appoint Ishaq Dar Pakistan Finance Minister". Bloomberg news. Bloomberg news. Retrieved 5 October 2014. 
  22. ^ Dwan.com (May 13, 2008). "New finance minister to be appointed today: Asif". Dawn Newspapers, 2008. Dawn Newspapers,. Retrieved 5 October 2014. 
  23. ^ From Print Edition (25 May 2013). "Pro-poor Dar". The News International. The News International. Retrieved 5 October 2014. 
  24. ^ a b News desk, News anchors (27 May 2013). "Pakistan’s Prime Minister to be elected on June 5". Geo Television Network (Geo News, June 2013). Geo News. 
  25. ^ News desk, News anchors (8 June 2013). "PMLN-led Federal Cabinet Takes Oath". Pakistan Tribune newspapers (Pakistan Tribune, June 2013). Pakistan Tribune newspapers. 
  26. ^ Kiyani, Khaleeq (2 June 2013). "Dar wants "fiscal gap" to be cut by 2.5pc". Geo Television Network (Beta dawn news, June 2013). Geo News. 
  27. ^ Govt unveils ‘business friendly’ budget for FY 2013–14 http://www.geo.tv/GeoDetail.aspx?ID=104921GEO News, 13th June 2013
  28. ^ Historic Budget Unveiled http://www.thenews.com.pk/Todays-News-2-183483-Historic-budget-unveiled The News, 13th June 2013
  29. ^ MQM rejects federal budget 2013–14 http://www.geo.tv/GeoDetail.aspx?ID=105324 GEO News, 15th June 2013
  30. ^ Teachers term 2013–14 Budget worst in history of Pakistan http://www.thenews.com.pk/Todays-News-6-183719-Teachers-term-2013-14-Budget-worst-in-history-of-PakistanThe News, 14th June 2013
  31. ^ Government raises employees’ salaries http://www.geo.tv/GeoDetail.aspx?ID=105345 GEO News, 15th June 2013
  32. ^ Government to Present Budget on June 12:Ishaq Dar, http://www.brecorder.com/top-news/1-front-top-news/123024-government-to-present-budget-on-june-12-ishaq-dar.html Business Recorder, 08th June 2013
  33. ^ Nishan-e-Imtiaz for PCCR members, http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/national/24-Mar-2011/NishaneImtiaz--for-PCCR-membersthe Nation, 24 March 2011.

External links[edit]

Political offices
Preceded by
Ahmad Mukhtar
Minister of Commerce
1997–1999
Succeeded by
Humayun Akhtar Khan
Preceded by
Nawaz Sharif
Acting
Minister of Finance
1998–1999
Succeeded by
Shaukat Aziz
Preceded by
Salman Shah
Minister of Finance
2008
Succeeded by
Naveed Qamar
Preceded by
Abdul Ghafoor Haideri
Leader of the Opposition in the Senate
2012–2013
Succeeded by
Aitzaz Ahsan
Preceded by
Mir Hazar Khan Khoso
Acting
Minister of Finance
2013–present
Incumbent