Following Panama case’s verdict that disqualified the then Prime Minister, Nawaz Sharif, Finance Minister Ishaq Dar is now facing legal charges after the action taken by National Accountability Bureau (NAB) which seized all his assets and issues a warrant for his arrest. Dar was recently in the United States along with the now Prime Minister, Shahid Khaqan Abbasi.
The recent action by NAB made it difficult for Dar to defend himself. Reports suggest that Dar might be asked to resign. Even the Senate Committee on Thursday demanded Dar’s resignation from his position in order to prevent further damage of Pakistan’s reputation on the international front.
During his tenure, Dar made several efforts that improved country’s economic growth rate and increased foreign exchange reserves. But one thing that has gone against Dar in recent times is his willingness to have strong rupee as compared to the dollar.
Dar kept Rupee value at Rs. 105 per dollar on which IMF commented that Pakistan’s currency is overvalued by 20% at least. This move of Dar was opposed by the export community as well who believed that stronger rupee is decreasing their proceeds from exports and can cause problems in the long run.
Thus a new finance minister is required that can fix the issues and mobilize exchange rate to determine its own position in the market. Addressing issues of circular debt and increasing the reserves are the other challenges that the new Finance Minister needs to address in the future. But for now, it looks as if the right time has come for Dar to resign from his position and fight the charges leveled against him in the NAB case.