Speculation abounds over Pakistan’s next finance minister

ISLAMABAD: There is intense speculation in the federal capital regarding the selection of Pakistan’s next finance minister, a pivotal portfolio that could significantly impact the political trajectory of the governing party.

Sources, speaking on the condition of strict anonymity to Business Recorder, indicate that the decision is likely to be influenced by the influential establishment, which plays a prominent role in the apex committee of the Special Investment Facilitation Council (SIFC) established on June 17, 2023.

Read also: President Alvi urges digital financial inclusion for the disadvantaged

Senior leadership of the PML-N, considered a frontrunner to lead the next government, revealed that while they had initially proposed Bilal Azhar Kiyani for the position, who was appointed as coordinator to the Prime Minister on Economy and Energy in July 2022, they ultimately acceded to the establishment’s demand to retain caretaker finance Minister Shamshad Akhtar in the role.

Sources further disclosed that Kiyani, the second PML-N nominee for the portfolio after Ishaq Dar, faced opposition from the establishment, perhaps due to concerns that he might be influenced into implementing Dar’s economically flawed recommendations.

However, some senior finance ministry officials suggest that Hafeez Shaikh cannot be discounted as a potential candidate, given his past tenure as finance minister and the preference shown by several chiefs of army staff, including Musharraf and Bajwa.