Pakistan to go back to tried and tested method of Daronomics following Miftah’s exit

LONDON: Following the ‘verbal resignation’ of Finance Minister Miftah Ismail, Pakistan Muslim League Nawaz’s (PML-N) Ishaq Dar is set to make a grand comeback, holding the most important portfolio amid the country’s poor economic situation.

The man who took Pakistan to a near default back in 2018 is set to be handed over the reins of the finance ministry. Dar is renowned supporter of pegging the rupee’s value at a fixed rate against the US dollar. The last time he was the country’s finance minister, Dar ran dry the country’s foreign reserves, keeping the value of the local currency artificially inflated.

Ismail handed over his resignation to the country’s prime minister Shehbaz Sharif and his brother and the party chief Nawaz Sharif in a meeting on Sunday. Dar is expected to fly back to the country today. He had been in self-exile following the corruption references filed against him.

Dar’s appointment to the post of finance ministry could usher in a truly dark moment for Pakistan.

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