Ishaq Dar - Ministerial Career

Ministerial Career

In 1997, Dar was appointed and Commerce Ministry under the Government of Prime Minister Nawaz Sharif. The first time Dar was seen on the political field was in 1992 when he was chosen as the Minister of State. 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. Because the capital policies were no longer made functional for Pakistan due to sanctions, Dar planned a socialist economics mainframe plan for the economy of Pakistan. It was a challenge as the economy of Pakistan was getting out of control of Pakistan Government. Under Dar, the major industries and stock market came under intense control of the government. While the major private industries remained under private control, the stock market and stock exchange, foreign exchange markets and the foreign exchange reserves fell under the favor of the government. This resulted in ultimate improvement of control of the economy by the Government.

Dar's 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 International Monetary Fund 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.

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.