ISLAMABAD: There is intense speculation in the federal capital as to who will be selected as Pakistan’s next finance minister, the most critical portfolio that would ‘make or break’ the political fortunes of whichever party leads the next government.

Sources on condition of strict anonymity told Business Recorder that the choice is likely to be made with the concurrence of the ubiquitous establishment which has emerged as a major decision maker through its representation in the apex committee of the Special Investment Facilitation Council (SIFC) established on 17 June 2023.

When contacted, senior leadership of the PML-N – the party considered the most likely to lead the next government – stated that while the party had proposed the name of Bilal Azhar Kiyani, appointed as coordinator to the Prime Minister on Economy and Energy in July 2022, but caved in to the establishment demand that the portfolio be retained by caretaker finance Minister Shamshad Akhtar.

Sources further revealed that Kiyani is the second PML-N nominee for the portfolio, after Ishaq Dar, that was rejected by the establishment adding that while they could understand opposition to a Dar-led finance ministry given his disastrous performance from 27 September 2022 to August 2023 yet the same could not be said about Kiyani.

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Another senior official said on condition of anonymity that perhaps, the establishment’s opposition to Kiyani may have stemmed from the distinct possibility of his being pressured into implementing Dar’s economically flawed recommendations while the same could not possibly apply to Shamshad Akhtar.

However, some senior finance ministry officials said on condition of anonymity that Hafeez Shaikh cannot be ruled out as he has been the preferred finance minister of several chiefs of army staff, including Musharraf and Bajwa, and may be resurrected to this position once again.

Copyright Business Recorder, 2024