Miftah Ismail formally resigns, Ishaq Dar poised to become new Pakistani finance minister

Pakistan's former finance minister Ishaq Dar (2nd from R-top) takes oath as a senator in Islamabad on September 27, 2022. (Social Media)
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Updated 27 September 2022
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Miftah Ismail formally resigns, Ishaq Dar poised to become new Pakistani finance minister

  • Dar is taking office for fourth time with challenge of getting economy the out of one of its worst balance of payment crises
  • Outgoing minister Ismail helped get approval for latest reviews of IMF loan program, allowing for release of over $1.1 billion

ISLAMABAD: Pakistan prime ministerial aide Ishaq Dar on Tuesday took oath as a senator after returning to Pakistan a day earlier from London where he has lived in self-imposed exile for five years, bringing him one step closer to being sworn in as the new finance minister.

Dar is taking office, for the fourth time, with the challenge of getting the economy out of one of its worst balance of payment crises that has seen foreign reserves falling to a month of imports. He is a member of Prime Minister Shehbaz Sharif’s ruling PMLN party.

Dubbed Daronomics, his approach kept the rupee stable between Rs98 and Rs105 against the greenback during his last stint in office from 2013-2017 but he was also widely criticized for deliberately undervaluing the rupee by pumping dollars into the market.

Miftah Ismail, who recently helped get approval for the seventh and eighth reviews of an IMF bailout program, allowing for a release of over $1.1 billion, stepped down to pave the way for Dar to take over.

“I am grateful for the opportunity to serve my country in your administration which was an honor and a privilege,” Ismail said in a resignation letter dated September 27, and addressed to the PM.

While the media had reported the ex-finance would remain part of the government’s economic team, the outgoing official told Arab News on Monday: “I will have no role in the government.”

“I will try my best that I can pull Pakistan out of the economic swamp it is trapped in,” Dar told media on Monday night at the airport after returning to Pakistan from London where he has lived since 2017 when he was disqualified from office by a court in a corruption case.

A Pakistani anti-corruption court declared Dar an absconder after the veteran politician, who is a close aide to three-time Prime Minister Nawaz Sharif, failed to turn up for several court hearings in 2017. Dar, who has pleaded not guilty, said he was receiving medical treatment in London and is unable to return.

The charges against Dar followed an investigation into the finances of former PM Nawaz Sharif, who was ousted in July 2017 after the Supreme Court disqualified him for not declaring a small salary from his son’s off-shore company.

Both Dar and Nawaz deny any wrongdoing.

During his stint as finance minister from 2013-2017, Dar was initially lauded for steering Pakistan out of a balance of payments crisis in 2013 and returning the nuclear-armed country toward a higher growth trajectory.

But in the year before he stepped down as finance minister after Pakistan’s Supreme Court disqualified him from office, Dar faced widespread criticism for his refusal to allow the rupee to weaken to ease macroeconomic pressures. He was also accused of eroding the central bank’s independence.


Elephants undergoing medical treatment in Karachi show signs of recovery — wildlife expert

Updated 17 May 2025
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Elephants undergoing medical treatment in Karachi show signs of recovery — wildlife expert

  • Safari Park elephants Madhubala and Malika were diagnosed with tuberculosis earlier this month
  • Authorities brought in a Sri Lankan wildlife health specialist to oversee the elephants’ treatment

KARACHI: Medical experts treating two elephants diagnosed with tuberculosis at Karachi’s Safari Park said on Friday the animals were responding well to treatment and remained under constant observation as part of a long-term recovery plan.

The update was shared at a news briefing by Dr. Budhika Bhandara, a wildlife health specialist from Sri Lanka, who was on a 17-day visit in Karachi to supervise the treatment of elephants Madhubala and Malika.

The two elephants were diagnosed with TB earlier this month, prompting the park to launch an intensive treatment program under international protocols.

“We are treating them very well,” Dr. Bhandara told reporters. “The elephants are showing clinical signs, but they are not weak. We have started with a two-month initial phase of daily doses, followed by a continuation phase as per the standard operating procedures.”

Under the treatment plan, the elephants will receive continuous medication and monitoring for ten months after the initial phase.

The animals are being kept under round-the-clock supervision, and park officials have restricted access to the enclosure for one year to minimize stress and prevent any risk of disease transmission.

Dr. Bhandara, who has previously treated 15 elephants for TB, expressed optimism that Madhubala and Malika would recover.

He noted that both elephants are closely monitored and undergo health evaluations every two months, with full medical screenings scheduled every six months. Their most recent dose was administered 13 days ago.

Visitors to the Safari Park are currently only allowed to view the elephants from designated buses or a safe distance, as part of efforts to ensure a stress-free environment during their recovery.

The cautious approach follows years of concern raised by international animal welfare organizations over the treatment of elephants in Karachi.

In 2021, the global group Four Paws assessed the city’s African elephants and called for urgent medical care, improved nutrition and enriched environments to support their wellbeing.

The issue gained further attention after the deaths of two elephants — Noor Jehan in 2023 at the Karachi Zoo and Sonia in late 2024 — both of which highlighted systemic gaps in animal care.

Since then, local authorities have taken steps to improve conditions, including the formation of a technical committee and increased collaboration with foreign veterinary experts.


PM Sharif invites India to open dialogue, says past wars failed to resolve key issues

Updated 33 min 36 sec ago
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PM Sharif invites India to open dialogue, says past wars failed to resolve key issues

  • The prime minister says Pakistan and India are neighbors and must choose between being peaceful or unruly
  • He thanks Donald Trump, Saudi Arabia and other Gulf countries for helping de-escalate the recent conflict

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday called for renewed dialogue with India, saying the two nuclear-armed neighbors had fought three wars since independence without resolving their disputes while emphasizing the need to engage in talks to address outstanding issues.

Sharif made these remarks during a ceremony in Islamabad commemorating the “Day of Gratitude,” held to honor Pakistan’s military response to Indian strikes inside its territory last week. The event was attended by the chiefs of the armed forces, senior officials and dignitaries. The event featured a flypast and national songs.

The recent India-Pakistan standoff was triggered by an attack in Pahalgam, a tourist hotspot in Indian-administered Kashmir, which resulted in the deaths of 26 people. India accused Pakistan of involvement, an allegation Islamabad denied while seeking an impartial international probe. The situation escalated into missile and drone exchanges before a ceasefire was announced on May 10.

“Whether we like it or not, we are there forever as neighbors,” the prime minister said, referring to India and Pakistan. “It’s up to us whether we want to be unruly neighbors or peaceful ones.”

“We have fought three wars that solved nothing,” he continued. “Rather, they brought more poverty, unemployment and other problems on both sides. So the lesson is that we have to sit down at the table like peaceful neighbors and settle our outstanding issues, including Jammu and Kashmir.”

Sharif reiterated that Pakistan had no involvement in the Pahalgam incident and expressed gratitude to countries that assisted in de-escalating the conflict.

“I’m extremely grateful to all those friendly countries who have been very helpful in promoting peace and ceasefire in this part of the world... particularly Saudi Arabia, the UAE, Qatar, Kuwait, Iran, Türkiye, China and others,” he added.

Sharif extended special thanks to US President Donald Trump for his role in mediating the ceasefire.

“Above all, I would like to mention and thank President Trump for his very brave leadership and his vision that peace must be restored in South Asia sooner rather than later,” he said. “His path-breaking and strategic leadership... averted a very lethal looming war in this part of the world,” he said.

The prime minister emphasized the importance of resolving key issues to ensure lasting peace in the region.

“Without resolving these issues, I don’t think we will have peace in this part of the world on a long-term basis,” he said. “If we want permanent peace, then we need permanent solutions of Jammu and Kashmir and water distribution.”


Pakistan rejects Indian media reports of radiation leak, warns against regional arms buildup

Updated 16 May 2025
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Pakistan rejects Indian media reports of radiation leak, warns against regional arms buildup

  • Foreign office says India is following ‘hegemonic policy’ by procuring ‘advanced weaponry’
  • It says Pakistan is mindful of the threat and remains ready to deal with any military challenge

ISLAMABAD: Pakistan’s foreign office on Friday dismissed Indian media reports alleging radiation leaks during last week’s conflict between the two nuclear-armed neighbors as “preposterous,” while voicing concern over India’s acquisition of advanced weaponry, calling it a threat to regional stability.

The remarks came amid heightened tensions following a brief but intense military exchange that included missile and drone strikes.

Some Indian media outlets speculated that Pakistani nuclear facilities were compromised during the hostilities, leading to potential radiation leaks.

“What I can say about radiation leakage in Pakistan is that these reports are absurd and preposterous,” foreign office spokesperson Ambassador Shafqat Ali Khan said during his weekly news briefing. “This is part of disinformation and fake news peddled by Indian media, which has distinguished itself recently with blatant lies and fabrication.”

“As a responsible nuclear weapon state,” he added, “Pakistan categorically rejects this irresponsible reporting with the contempt it deserves. India will be well advised to check such manufactured falsehoods and stop the fall of its media to new low.”

Some recent reports have also quoted the International Atomic Energy Agency (IAEA) as saying “no radiation leak or release from any nuclear facility in Pakistan” had occurred, dismissing the Indian media claims as unfounded.

Ambassador Khan also criticized India’s military posture during the news briefing, saying New Delhi’s ambitions were destabilizing the region.

“India is pursuing aggressive, or rather hegemonic policy in the region, and its defense budget reflects that,” he said. “We remain concerned about the acquisition and procurement of advanced weaponry by India which creates security imbalance in the region.”

“At the same time, we remain mindful of the threat,” he added. “We are prepared and we are ready, and our forces remain ready to deal with the challenges.”

The recent India-Pakistan standoff, which lasted several days, saw both nations engage in conventional military operations, including missile and drone strikes.

A ceasefire was brokered and announced on May 10, though the potential for escalation between the two nuclear-armed nations persists.


Pakistan’s financial regulator alerts firms to cyber risks after conflict with India

Updated 16 May 2025
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Pakistan’s financial regulator alerts firms to cyber risks after conflict with India

  • SECP highlights potential risks including operational disruptions and data loss in its advisory
  • Recent India-Pakistan hostilities featured coordinated cyberattacks for the first time in history

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) on Friday cautioned local companies about heightened cybersecurity risks, days after a brief but intense conflict with India that, for the first time, saw both nations engage in cyber warfare alongside traditional military exchanges.
The recent hostilities, which included missile and artillery fire, also featured the deployment of drones and coordinated cyberattacks, an unprecedented escalation in the long-standing rivalry between the two nuclear-armed neighbors.
A ceasefire was brokered and announced on May 10, though the digital threat persists.
“The Securities and Exchange Commission of Pakistan (SECP) has issued an advisory to all the companies, in light of the recent geopolitical situation and resultant heightened cybersecurity threat alerts, urging companies to adopt cybersecurity best practices,” the regulator said in a statement.
The advisory outlined potential risks such as operational disruptions, data loss and reputational damage, recommending measures including stricter access controls, vulnerability assessments, incident response planning and user awareness training.
During the conflict with India, Pakistan’s economic affairs ministry and the Karachi Port Trust (KPT) reported that their official X accounts had been compromised.
The KPT account briefly posted claims of significant damage from an Indian naval strike before the post was deleted and the agency stated its account had been hacked.
Pakistani officials also acknowledged launching retaliatory cyber operations targeting Indian government and financial websites.
Indian authorities reported over 1.5 million attempted cyber intrusions during the conflict, primarily attributed to Pakistan-based hacker groups.
The SECP’s advisory highlighted the ongoing digital risks in the aftermath of the ceasefire, urging companies to bolster their cybersecurity defenses to protect critical infrastructure and sensitive data.


Pakistan condemns India’s ‘unprovoked’ military action during talks with UK foreign secretary

Updated 16 May 2025
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Pakistan condemns India’s ‘unprovoked’ military action during talks with UK foreign secretary

  • David Lammy is on his first official visit to Islamabad amid tensions following India-Pakistan standoff
  • Pakistan and UK express satisfaction over bilateral economic cooperation, development partnership

ISLAMABAD: Pakistan on Friday condemned what it called India’s “unprovoked and belligerent” military action during talks with British Foreign Secretary David Lammy, saying Islamabad had only exercised its right to self-defense with a limited response aimed at avoiding civilian casualties.
The meeting between Lammy and Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar took place in Islamabad during Lammy’s first official visit to the country. It came just days after one of the most serious military confrontations between the South Asian nuclear-armed rivals in decades.
Fighting erupted last week when India launched strikes on what it said were “terrorist camps” in Pakistan following a deadly April attack in Indian-administered Kashmir that killed 26 people. New Delhi accused Islamabad of backing the militants behind the assault, an allegation Pakistan denies.
Four days of drone, missile and artillery exchanges followed, killing around 70 people, including dozens of civilians, on both sides of the border. The conflict raised fears of a broader war before a ceasefire was announced by US President Donald Trump.
“The two leaders held detailed discussions on recent developments in South Asia, particularly the situation following the ceasefire understanding between Pakistan and India,” said a statement released by the foreign office in Islamabad.
“Dar briefed the UK Foreign Secretary on India’s unprovoked and belligerent actions, which constituted a violation of Pakistan’s sovereignty, international law, the UN Charter, and established norms of interstate relations,” it continued.
“He underlined that Pakistan exercised its right to self-defense under Article 51 of the UN Charter, and that Pakistan’s response remained limited, precise, and proportionate, with utmost care taken to avoid civilian casualties,” the statement added.
Dar also thanked the United Kingdom for its constructive engagement in urging de-escalation during the conflict.
Britain was among several countries that called for restraint, with Prime Minister Keir Starmer saying at the time that the UK was “urgently engaging” with both sides.
The two officials also discussed Pakistan-UK bilateral ties, expressing satisfaction with the progress in trade, economic cooperation and development partnerships.
Dar acknowledged British support in key areas such as education, health and climate resilience, and both sides pledged to deepen collaboration on global challenges including climate action and sustainable development.
Lammy’s visit, the foreign ministry said, underscored the “robust and multifaceted partnership” between the two nations and their commitment to regional and international peace.

-With input from AFP