Miftah Ismail

Miftah Ismail (Urdu: مفتاح اسماعیل; born 23 July 1965) is a Pakistani political economist who served as the Federal Minister of Finance from April 2022 to September 2022. He had previously served in the same office, from April 2018 to May 2018 in Khaqan Abbasi's cabinet. Prior to that, he served as the Advisor on Finance, Revenue and Economic Affairs, chairman of the Pakistan Board of Investment and an economist with the International Monetary Fund.[2][3]

Miftah Ismail
Federal Minister for Finance, Revenue & Economic Affairs
In office
19 April 2022 – 27 September 2022
PresidentArif Alvi
Prime MinisterShehbaz Sharif
Preceded byShaukat Tarin
Succeeded byIshaq Dar
In office
27 April 2018 – 31 May 2018
PresidentMamnoon Hussain
Prime MinisterShahid Khaqan Abbasi
Preceded byRana Afzal Khan
Succeeded byShamshad Akhtar (Caretaker)
Adviser to the Prime Minister for Finance
In office
27 December 2017 – 27 April 2018
PresidentMamnoon Hussain
Prime MinisterShahid Khaqan Abbasi
Preceded byRana Afzal Khan
Succeeded byShamshad Akhtar (Caretaker)
Special Assistant to the Prime Minister (Minister of State)
In office
4 January 2014 – 28 July 2017
PresidentMamnoon Hussain
Prime MinisterNawaz Sharif
Shahid Khaqan Abbasi
Head & Vice Chairman Punjab Board of Investment and Trade
In office
2012–2013
Chief Minister & ChairmanShehbaz Sharif
Personal details
Born (1965-07-23) 23 July 1965
Karachi, Pakistan
Political partyPakistan Muslim League (N)
Alma materDuquesne University (B.S)
Wharton School of the University of Pennsylvania (Ph.D)[1]

Early life and career

He was born on 23 July 1965 in Karachi, Sindh. Ismail received his undergraduate degree in business from Duquesne University in 1985, followed by a Ph.D in public finance and political economy from the Wharton School, University of Pennsylvania in 1990. Ismail worked with the International Monetary Fund as an economist based in Washington, D.C. in the early 1990s.[1]

In 1993, he returned to Pakistan to work for his family business, Ismail Industries Limited, a confectionary and snack food manufacturer.[4][5]

Political career

Ismail joined the Pakistan Muslim League (N) in 2011 and served as the head and vice-chairman of Punjab Board of Investment and Trade from 2012 to 2013.[4]

During the 2013 Pakistani general election, Ismail served as a member of the election strategy team and the manifesto committee of Pakistan Muslim League (N).[6] In October 2013, Ismail became a member of the Board of Directors of Pakistan International Airlines. In November 2013, he joined the Board of Directors of Sui Southern Gas Company.[5] Both of these positions he retained until 4 January 2014, when he was appointed as the head of Federal Board of Investment and was added as a junior member of then Prime Minister Sharif's cabinet.[7][5] Under his leadership the Board of Investment underwent massive restructuring including winding up of its regional offices.[8][9] During his tenure at the Board of Investment, the government of Pakistan formulated a new automobile sector policy that has attracted a lot of new investment in the automobile sector.

Ismail has served as adjunct faculty at the Institute of Business Administration and also as chairman of board at Karachi American School.[4]

After being appointed as one of the key finance advisers to the Prime Minister Shahid Khaqan Abbasi in December 2017, he stated that one of his top priorities is to help broaden the extremely narrow tax base in Pakistan which would strengthen the overall economy. He said that he would help design an economic policy that gives opportunity to the wealthy Pakistanis abroad to bring back their wealth. In other words, the government was ready to initiate an 'offshore tax amnesty scheme' soon.[1][10]

On 27 April 2018, Ismail took oath as Federal Minister for Finance, Revenue and Economic Affairs in Shahid Khaqan Abbasi's cabinet, where he served until 31 May 2018.[11]

He took oath as Finance minister again on 19 April 2022 and resigned on 27 September 2022 to pave way for Ishaq Dar.

Other activities

Finance Minister of Pakistan (2022)

Miftah Ismail served as Finance Minister of Pakistan twice times in 2018 and in 2022. Miftah Ismail when take oath as finance minister Pakistan was facing economic crisis as Global oil prices rose to an all time high and subsidies given by Khan government in fuel prices. Miftah Ismail approached to IMF for talks but remain unsuccessful. He somehow satisfy Shehbaz sharif on reducing subsidies on fuel price as Pakistan could get bankrupt without IMF Program. Miftah Ismail somehow work hard and fast for revival of huge loan program which was signed in 2019.After months of tries, he finally remained successful in signing SLA agreement with IMF. Soon in August 2022,IMF board approves revivals of loan program and somehow economic stability was back in Pakistan with Imports reducing significantly and exports increasing vastly. Miftah Ismail was somehow credited for revival of loan program as pakistan could be defaulted soon if many measures would not be taken by him and taking unpopular decisions which damage his political career, but he said "Politics can be sacrificed for country but country would not be sacrificed for politics"

References
  1. "Miftah Ismail becomes finance adviser". The Express Tribune (newspaper). 27 December 2017. Retrieved 28 December 2017.
  2. "Wharton Alumni Shine in Pakistan Elections". whartonmagazine.com. Retrieved 15 February 2018.
  3. Khan, Sanaullah (26 December 2017). "Miftah Ismail appointed adviser to PM on finance, revenue and economic affairs". DAWN.COM. Retrieved 15 February 2018.
  4. "Dr. Miftah Ismail - ICAP SAFA Conference 2016 (Profile of Miftah Ismail)". Institute of Chartered Accountants of Pakistan website. Retrieved 28 December 2017.
  5. "Dr Ismail appointed new Board of Investment chairman". The News International (newspaper). 5 January 2014. Retrieved 28 December 2017.
  6. "Wharton Alumni Shine in Pakistan Elections". Wharton Magazine (University of Pennsylvania). 3 June 2013. Retrieved 28 December 2017.
  7. "Dr Miftah Ismail appointed as Chairman Board of Investment". Geo News website. 5 January 2014. Retrieved 28 December 2017.
  8. "Nawaz orders Board of Investment restructuring; winding up of regional offices". Dawn (newspaper). 16 August 2016. Retrieved 28 December 2017.
  9. "Change in government: Investment inflows could not pick up pace - The Express Tribune (newspaper)". 17 February 2014. Retrieved 28 December 2017.
  10. Miftah Ismail appointed as Advisor to Prime Minister on Finance, Revenue, Economic Affairs Business Recorder (business newspaper), Published 26 December 2017, Retrieved 28 December 2017
  11. "Miftah Ismail takes oath as new finance minister hours ahead of budget unveiling". Dawn. 27 April 2018. Retrieved 28 April 2018.
  12. Board of Governors Asian Infrastructure Investment Bank (AIIB).
  13. Board of Governors World Bank.
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