Ishaq Dar

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Senator Mohammad Ishaq Dar
سینٹر محمد اسحاق ڈار
SENATOR M ISHAQ DAR - FINANCE MINISTER OF PAKISTAN.jpg
Minister of Finance
Incumbent
Assumed office
7 June 2013
Prime Minister Nawaz Sharif
Preceded by Mir Hazar Khan Khoso (Acting)
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 Nawaz Sharif (Acting)
Succeeded by Shaukat Aziz
Personal details
Political party Pakistan Muslim League (N)
Alma mater Government College University, Lahore
University of the Punjab
Religion Islam

Senator Mohammad Ishaq Dar (Urdu: محمد اسحاق ڈار); is a chartered accountant & a leading financial-cum-economic expert who is serving his country as the Federal Finance Minister of Pakistan.[1][2][3][4][5] Senator Dar in addition to serving his country as Federal Minister for Finance, Commerce & Industries numerous times in the past has also served as the Leader of the Opposition, in the Senate of Pakistan.

After once again 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.[6] He is PMLN's current Parliamentary leader to the Senate of Pakistan.Being made the Finance Minister for the first time 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",[7] 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.

His tenure was unfortunately cut short by General Pervez Musharraf, then-Chairman Joint Chiefs of Staff Committee.Senator Dar's economic policy achievement in the Sharif government was export-led growth as a cornerstone of economic strategy. Dar was once again called upon to rescue the nose-diving economy of Pakistan in the PPP-led coalition government in 2008 but due to political differences Dar and all other PMLN ministers resigned just after 6 months into the government. Senator Dar is also related to Prime Minister Sharif; Sharif's daughter is married to Mr. Dar's elder Son Ali.

Finance Minister – Current Tenure[edit]

State emblem of Pakistan.svg

Upon PMLN's historical victory in 11 May 2013 general elections, there was no doubt that the most important portfolio of Finance Ministry would be led by none other but Senator Senator Dar. With only a few days left before the 2013 Budget for Pakistan is presented; Dar has been working with his finance team since 12 May 2013. Senator Dar officially took oath as a Federal Minister on 7 June 2013.[8][9]

The budget makers have been given an ambitious target by the incoming PML-N government to bring down next year’s fiscal deficit by about 2.5 per cent of GDP through a combination of fresh revenue and expenditure control measures of over Rs550 billion. At a recent interaction with finance minister-designate Senator Ishaq Dar, senior officials of finance ministry gave out an understanding that current year’s budget deficit would be restricted within 7.5pc of GDP or less than Rs1.8 trillion.Mr Dar told the bureaucrats that he would like 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.[10]

2013–2014 Fiscal Budget[edit]

"Total outlay for Federal Budget 2013–14 Rs3.5 trillion; fiscal deficit 6.3%; PSDP Rs1.155 trn; GDP growth rate projected at 4.8%; inflation 9.5%; revenue target set at Rs2.475 trn; defence allocation Rs 627 bn; Rs926 bn allocated for debt servicing; GST raised from 16 to 17 percent; Rs75 bn allocated for Income Support Programme; Pension up by 10%; minimum pension raised from Rs3000 to 5000; Rs225 bn for energy sector development.

ISLAMABAD: The newly formed government of Pakistan Muslim League-Nawaz (PML-N) Wednesday unveiled what is being termed as ‘an investment and business friendly budget’ with a total outlay of Rs3.5 trillion for the financial year 2013–14. Finance Minister, Senator Ishaq Dar presented the budget speech at the special session of the National Assembly convened by President Asif Ali Zardari for presenting proposals for Federal Budget 2013–14.

The budget envisages a record allocation of Rs1.155 trillion for Public Sector Development Program (PSDP) with an aim to stimulate the economy which presently depicts a bleak picture. A big chunk of Rs 225 billion will be spent on energy sector. The first budget of Nawaz Sharif-led government has allocated Rs627 billion for FY 2013–14 defence compared to Rs570 billion for the preceding year. Dar proposed an increase in General Sales Tax (GST) from 16 percent to 17, a decision which is going to further raise the prices of commodities for the people already battered by the worst price hike in the country.

As an austerity measure, Ishaq Dar proposed to bring down the expenditures of Prime Minister House by 45 percent, which he claimed will result in a national saving of Rs40 billion. There will be a complete ban on purchase of new cars for Prime Minister’s office but the ban will not be applicable for law enforcement agencies and other inevitable requirements.

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." [11]

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.” [12]

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." [13] "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." [14]

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." [15]

Pakistan's Economic Survey 2012–2013 Presented; Key Points (Excerpts From International News Paper)[edit]

"ISLAMABAD: Federal Minister for Finance, Senator Ishaq Dar has said that the budget deficit for the next fiscal will exceed 4.7 percent of Gross Domestic Product (GDP) and expressed the government’s resolve to end the circular debt issue in 60 days. “The fiscal deficit would be brought down to 4.5 percent of the GDP in the next three years,” the Finance Minister vowed while addressing a press conference held to issue the Pakistan Economic Survey for the financial year 2012–13. According to the document, the Rs2.381 trillion tax revenue target set for FY 2012–13 has so far been missed by Rs350 billion. He said the GDP growth rate for FY 2013–14 has been fixed at 4.4 percent while Rs1155 billion will be allocated for development in the next fiscal.

The Czar also expressed the government’s resolve to overcome the circular debt issue in the next 60 days and held electricity theft mainly responsible for the vicious debt. Dar linked the elimination of terrorism in the country with an economic revival. He said that the war on terror had caused a loss of 80 to 100 billion dollars to Pakistan. He said the burden of national debt would outstrip Rs14000 billion by the end of the current fiscal year. Senator Dar said a comprehensive strategy has been chalked out to bring about radical reforms in the government departments. He said the license to introduce 3-G technology in Pakistan would be issued in a transparent manner.

Briefing the media persons about the economic performance of the country in the current fiscal, the Finance Minister said that the average GDP growth rate of the country stood at 3 percent. The industrial sector progressed at the rate of 2.8 percent while the investment to GDP ratio was registered at 12.6 percent. The Minister feared that the current account deficit could hit 2.9 percent by the end of FY 2012–13." [16]

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."[17]

Education & Professional Career[edit]

Institute of Chartered Accountants in England and Wales.

On the academic front, Senator Dar has had renowned institutions among his alma maters, including Government College (now Government College University), Lahore, and Hailey College of Commerce, Punjab University, Lahore (1966–69). He was awarded two Gold Medals and a Roll of Honour for First position in B. Com (Hons) at the University of Punjab.[18] Senator Dar's professional acumen and remarkable understanding of complex financial, economic, social, trade, investment and industrial issues are his forte, which not only earned him wide acknowledgment, but also helped him earn his spurs as a thorough professional. He has 42 years of professional experience in audit profession, financial advisory, management consultancy, business, commerce and industry, both in private and public sectors, in Pakistan and abroad.

Making a career start as a Trainee Chartered Accountant with the Institute of Chartered Accountants in England and Wales (ICAEW) in 1970, he became an Associate Member (ACA) of ICAEW in 1974, and of Institute of Chartered Accountants of Pakistan (ICAP) in 1975. His post qualification professional experience earned him Fellowship (FCA) of ICAEW in 1980 and of ICAP in 1984. Subsequently, he also became a Fellow Member (F.P.A) of the Institute of Public Finance Accountants of Pakistan. Currently, Senator Dar has been bestowed Life Membership of 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.

Past Ministerial Career[edit]

2012 – Leader of Opposition in the Senate of Pakistan[edit]

PMLN decided to sit on opposition benches after their ministers resigned just 6 weeks into the newly formed PPP-led coalition government of 2008. Senator Dar was elected as the Leader of the Opposition in the Upper House (Senate) of Pakistan in March 2012.[19] Dar continued at his position till May 2013 when his party won the general elections of 2013.

2008[edit]

Despite their differences, PPP and PML-N formed a coalition in the Federal Cabinet and Senator Ishaq Dar was appointed as the Finance Minister after the 2008 elections. The Benazir Income Support Programme, initiated by the PPP-led coalition government in 2008 to provide cash assistance to the poorest of the poor in Pakistan, was the brainchild of the PML-N’s Ishaq Dar.[20] The success of the BISP, vis-à-vis helping 22 percent of the country’s population in their struggle against extreme poverty, speaks volumes not only about Dar’s economic acumen but also his statesmanship, since he was also able to convince his party to support the bill in parliament and provide it a legal cover in 2010.

1992 – 1998[edit]

The first time Dar was seen on the political field was in 1992 when he was chosen as the Minister of State. In 1997, Dar was appointed as the Federal Commerce Ministry under the Government of prime minister Nawaz Sharif. 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. 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. Dar continued on the post till the Sharif government's overthrow by General Pervaiz Musharraf.

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.[21]

Published Profile[edit]

Senator Dar with Premier Nawaz Sharif UAE Royal Family Member Sheikh Nahyan Al Mubarak Al Nahyan.

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 endeavour.

From his enviable educational record to professional acumen, and from his peerless political career to holding various important portfolios, Senator Dar stands out par excellence, and is widely recognised as technocrat-politician. His commitment to national interest, democracy, rule of law, profession, and humanitarian pursuits, combined with impeccable knowledge of finance, economy, trade and industry, has resulted in numerous accolades and achievements during his career.

On the academic front, Senator Dar has had renowned institutions among his alma maters, including Government College (now Government College University), Lahore, and Hailey College of Commerce, University of Punjab, Lahore (1966–69). He was awarded two Gold Medals and a Roll of Honour for First position in B. Com (Hons) at the University of Punjab. Senator Dar's professional acumen and remarkable understanding of complex financial, economic, social, trade, investment and industrial issues are his forte, which not only earned him wide acknowledgment, but also helped him earn his spurs as a thorough professional. He has 42 years of professional experience in audit profession, financial advisory, management consultancy, business, commerce and industry, both in private and public sectors, in Pakistan and abroad.

Making a career start as a Trainee Chartered Accountant with the Institute of Chartered Accountants in England and Wales (ICAEW) in 1970, he became an Associate Member (ACA) of ICAEW in 1974, and of Institute of Chartered Accountants of Pakistan (ICAP) in 1975. His post qualification professional experience earned him Fellowship (FCA) of ICAEW in 1980 and of ICAP in 1984. Subsequently, he also became a Fellow Member (F.P.A) of the Institute of Public Finance Accountants of Pakistan. Currently, Senator Dar has been bestowed Life Membership of 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 finalised 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.

Senator Dar's engagements on the political front go a long way back. Since the late 1980s, he has been a Member of the Central Executive Committee of PML-N. He has also been president, International Affairs, PML (N), since 2002.

He is a former President of Lahore Chamber of Commerce and Industry, and former vice-president/Council Member of ICAP. Currently, he is Chairman of Board of Governors, University of Health Sciences, Punjab, which has been ranked Number 2 among top medical universities in Pakistan by the Higher Education Commission.

Senator Dar's praiseworthy contributions to the social sector are rooted in his humanitarian and philanthropic zeal and commitment, which is the driving force behind the two charitable trusts that he heads and runs in the name of Hajveri Trust and Hajveri Foundation. While the former is widely known as a shelter home for over 100 orphans, who are being provided complete boarding, lodging and educational facilities for the last many years; the latter institution has been actively involved in arranging pool marriages of destitute couples; helping needy students through scholarships and financial assistance; and providing medical assistance to non-affording patients requiring dialysis and other medical treatment. Senator Dar also holds the unique distinction of being the biggest individual donor who provided assistance to the victims of the cataclysmic earthquake that devastated the northern areas of Pakistan in 2005, and also to those Internally Displaced Persons (IDPs) affected by the ravaging flash floods that swept through the country in 2010 and 2011.

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. ^ http://www.finance.gov.pk/
  2. ^ 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, 8 June 2013
  3. ^ 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
  4. ^ 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
  5. ^ 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
  6. ^ Dar Appointed as the Opposition Leader, http://www.thenews.com.pk/article-39858-Dar-appointed-Senate-opposition-leader The News Pakistan, 14 December 2012
  7. ^ Mohammad Ishaq Dar, http://www.pakistanherald.com/Profile/Muhammad-Ishaq-Dar-214 The Pakistan Herald
  8. ^ PMLN-led Federal Cabinet Takes Oath, http://tribune.com.pk/story/560182/pml-n-finalises-cabinet-members/ Pakistan Tribune, 7 June 2013
  9. ^ Pakistan’s Prime Minister to be elected on 5 June, http://www.geo.tv/GeoDetail.aspx?ID=102662 GEO News, 27 May 2013
  10. ^ Dar wants fiscal gap to be cut by 2.5 pc,http://beta.dawn.com/news/1015494/dar-wants-fiscal-gap-to-be-cut-by-25pc Dawn News, 1 June 2013
  11. ^ Govt unveils ‘business friendly’ budget for FY 2013–14 http://www.geo.tv/GeoDetail.aspx?ID=104921 GEO News, 13 June 2013
  12. ^ Historic Budget Unveiled http://www.thenews.com.pk/Todays-News-2-183483-Historic-budget-unveiled The News, 13 June 2013
  13. ^ MQM rejects federal budget 2013–14 http://www.geo.tv/GeoDetail.aspx?ID=105324 GEO News, 15 June 2013
  14. ^ 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, 14 June 2013
  15. ^ Government raises employees’ salaries http://www.geo.tv/GeoDetail.aspx?ID=105345 GEO News, 15 June 2013
  16. ^ Govt to end circular debt issue in 60 days: Dar,http://www.geo.tv/GeoDetail.aspx?ID=104803 GEO News, 11 June 2013
  17. ^ 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, 8 June 2013
  18. ^ Dar, Senator of Pakistan Muslim League (N) to the Senate hof Pakistan Parliament 2008., Ishfaq. "Mohammad Ishaq Dar". Senate of Pakistan. 
  19. ^ Ishaq Dar made opposition leader in Senate, http://dawn.com/2012/03/14/ishaq-dar-made-opposition-leader-in-senate/ Dawn News, 14 March 2012
  20. ^ Pro-poor Dar, http://www.thenews.com.pk/Todays-News-11-179652-Pro-poor-Dar The News Pakistan, 25 May 2013
  21. ^ 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