After the formation of the next government, the most critical task in federal ministries will be appointing the Finance Minister. This appointment is crucial as it involves renegotiating with the IMF to address impending financial risks.
The upcoming Finance Minister’s portfolio is not merely a bed of roses. Besides completing ongoing programs with the IMF, negotiations for new agreements with the IMF are also essential. Another significant challenge is presenting and securing approval for the budget for the fiscal year 2024-25 while adhering to the conditions imposed by the IMF.
If the PML-N forms the government with its alliance, then Ishaq Dar would be the top contender for this pivotal position. However, this time, he must also be selected for the position of Chairman Senate along with the Finance Ministry.
Other potential candidates vying for this position include Sultan Ali and Muhammad Jehanzaib, both from banking backgrounds. While Sultan Ali has been considered for the Finance Minister position twice before, he was unsuccessful in securing the position, which was ultimately attained by the current Finance Minister, Dr. Shamsad Akhtar.
If Ishaq Dar assumes the role of Finance Minister, he will have to adopt a conciliatory tone during negotiations with the IMF. He will also have to accept a more significant role for the ISI in policymaking.
At present, Sultan Ali is the Chairman of the Board of Directors of HBL and has been in this position since February 2004 after retiring from banking. He is a seasoned banking professional with experience in treasury, corporate, and investment banking.
