Ishaq Dar, one of Pakistan’s most prominent politicians and financial experts, has been a central figure in the Pakistan Muslim League-Nawaz (PML-N) and a close confidant of Nawaz Sharif for decades. His journey, marked by both triumphs and challenges, reflects a deep commitment to Pakistan’s economic stability and growth. Through his extensive experience, Dar has become synonymous with the PML-N’s economic policies, playing a critical role in shaping Pakistan’s fiscal landscape.

The Bond Between Ishaq Dar and Nawaz Sharif
The professional and personal relationship between Ishaq Dar and Nawaz Sharif is rooted in shared values and a common vision for Pakistan’s development. Dar joined PML-N in the early 1990s when Nawaz Sharif was emerging as a dominant political leader. Over time, Dar became one of Sharif’s closest allies, trusted not only as a politician but also as a confidant and strategist.

Their bond strengthened during challenging times, particularly during the political upheaval of the late 1990s and early 2000s. When Nawaz Sharif’s government was overthrown in 1999 by General Pervez Musharraf, both Sharif and Dar faced exile in Saudi Arabia. It was during these years of adversity that Dar’s loyalty to Nawaz Sharif and the PML-N was cemented. His unwavering support during these turbulent times earned him a permanent place in the party’s inner circle.

Dar’s loyalty has not wavered despite numerous political crises, legal challenges, and personal attacks. His steadfastness has made him a pivotal figure in PML-N’s leadership, often acting as a mediator and advisor within the party.

Ishaq Dar’s Contributions to Pakistan’s Economy
As a seasoned chartered accountant and financial expert, Ishaq Dar’s most significant contributions have been in the economic domain. Serving multiple terms as Pakistan’s Minister of Finance, Dar has played a vital role in steering the country through financial crises and implementing reforms aimed at stabilizing the economy.

First Tenure as Finance Minister (1998-1999)
Dar’s first stint as Finance Minister came during Nawaz Sharif’s second term as Prime Minister. This period was marked by economic sanctions imposed on Pakistan following its nuclear tests in May 1998. Dar faced the monumental task of managing an economy on the brink of collapse.

Under his leadership, Pakistan adopted stringent fiscal measures to mitigate the effects of sanctions. Dar successfully negotiated with international financial institutions and implemented policies that prioritized economic stability. Despite limited resources, his prudent financial management helped Pakistan avoid default.

Second and Third Tenures (2013-2017)
Ishaq Dar’s second and third tenures as Finance Minister during Nawaz Sharif’s third government were perhaps the most impactful. When the PML-N came to power in 2013, Pakistan’s economy was in dire straits, with rising inflation, a depreciating currency, and a burgeoning fiscal deficit.

Dar spearheaded an ambitious economic reform agenda, focusing on fiscal discipline, privatization, and attracting foreign investment. Key achievements during this period include:
1. Economic Stabilization: Dar’s policies led to the stabilization of the Pakistani rupee, a significant reduction in inflation, and a steady increase in foreign exchange reserves.

2. GDP Growth: Under Dar’s stewardship, Pakistan’s GDP growth rate reached a decade-high of 5.5% in 2017, earning praise from international financial institutions such as the IMF and World Bank.

3. Tax Reforms: Recognizing the need for a broader tax base, Dar introduced reforms to improve tax collection and reduce reliance on external borrowing. These measures led to an increase in Pakistan’s tax-to-GDP ratio.

4. CPEC Financing: Dar played a key role in securing financing for the China-Pakistan Economic Corridor (CPEC), a transformative project aimed at boosting Pakistan’s infrastructure and energy sectors.

Challenges and Criticism
Despite these achievements, Dar’s tenure was not without controversy. Critics accused him of relying too heavily on foreign borrowing to prop up the economy, creating long-term liabilities for future governments. Additionally, his focus on macroeconomic indicators, such as foreign reserves and growth rates, was often criticized for not addressing structural issues like unemployment and income inequality.

Legal Challenges and Political Exile
Ishaq Dar’s political journey has also been marked by significant legal challenges. Following the Panama Papers scandal, which implicated Nawaz Sharif’s family in alleged financial misconduct, Dar faced allegations of corruption and money laundering. In 2017, a National Accountability Bureau (NAB) court initiated proceedings against him, leading to his resignation as Finance Minister.

Dar’s legal troubles forced him to leave Pakistan, and he remained in self-imposed exile in London for several years. During this period, his critics accused him of evading accountability, while his supporters argued that the cases against him were politically motivated.

Return to Pakistan and Resumption of Leadership
In 2022, Ishaq Dar made a much-anticipated return to Pakistan and resumed his role as Finance Minister in the coalition government led by Prime Minister Shehbaz Sharif. His comeback was seen as a signal of the PML-N’s intent to restore economic stability amid a worsening financial crisis.

Dar’s return coincided with one of Pakistan’s most challenging economic periods, marked by soaring inflation, depleting foreign reserves, and political instability. Despite these hurdles, he remained focused on implementing fiscal reforms, stabilizing the currency, and negotiating with international lenders like the IMF to secure bailout packages.

The Ups and Downs in PML-N
Ishaq Dar’s career within PML-N has been closely tied to the party’s fortunes. During the party’s periods of dominance, Dar was at the forefront of economic policymaking. Conversely, during times of opposition and exile, he remained a loyal ally, working behind the scenes to strengthen the party’s position.

His unwavering loyalty to Nawaz Sharif has made him a polarizing figure within Pakistani politics. Supporters view him as a competent technocrat and a symbol of party unity, while detractors often accuse him of being overly partisan and disconnected from ground realities.

Legacy and Impact
Ishaq Dar’s legacy as an economic manager and political strategist is both enduring and complex. On one hand, his contributions to stabilizing Pakistan’s economy during crises and implementing reforms have earned him widespread recognition. On the other hand, his reliance on short-term measures and foreign borrowing has raised questions about the sustainability of his policies.

Despite the criticism, Dar’s impact on Pakistan’s economic landscape is undeniable. His ability to navigate complex financial challenges, coupled with his deep loyalty to Nawaz Sharif and the PML-N, has cemented his place as one of the most influential figures in Pakistan’s recent history.

Conclusion
Ishaq Dar’s life and career embody the challenges and opportunities of serving a developing nation like Pakistan. His journey, marked by resilience, loyalty, and a commitment to economic reform, highlights the complexities of balancing political and economic imperatives. As he continues to play a pivotal role in shaping Pakistan’s future, Dar’s legacy will remain a subject of debate and reflection, offering valuable lessons for policymakers and politicians alike.