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- December 13, 2023
- Ubaida Khan
- 0
Early Life and Education
Miftah Ismail, born on July 23, 1965, in Karachi, Sindh, is a Pakistani political economist with a rich and diverse background. He embarked on his educational journey by earning an undergraduate degree in business from Duquesne University in 1985. His pursuit of knowledge continued as he obtained a Ph.D. in public finance and political economy from the prestigious Wharton School at the University of Pennsylvania in 1990. Early in his career, Ismail worked as an economist at the International Monetary Fund (IMF) in Washington, D.C., during the early 1990s.
Before assuming ministerial roles, Ismail contributed significantly in key advisory positions. His expertise was utilized as the Advisor on Finance, Revenue, and Economic Affairs, showcasing his proficiency in guiding economic policies. His leadership extended to chairing the Pakistan Board of Investment, where he played a crucial role in fostering an environment conducive to investment.
Prior to his influential roles in Pakistani governance, Miftah Ismail garnered international experience as an economist with the International Monetary Fund (IMF). This period not only provided him with a global perspective on economic dynamics but also enriched his understanding of financial systems on an international scale.
Throughout his multifaceted career, Miftah Ismail has consistently demonstrated his commitment to advancing economic policies, fostering investment climates, and contributing to the financial well-being of Pakistan. His roles as a minister, advisor, and economist reflect a dedicated effort to navigate the complex landscapes of both domestic and international economics.
Business Ventures
In 1993, Miftah Ismail returned to Pakistan and became associated with his family’s business, Ismail Industries Limited. This business, focused on confectionery and snack food manufacturing, added a business dimension to Ismail’s multifaceted career.
Political Career
Miftah Ismail entered the realm of Pakistani politics in 2011 when he joined the Pakistan Muslim League (N). His contributions within the party began with serving as the head and vice-chairman of the Punjab Board of Investment and Trade from 2012 to 2013.
During the 2013 Pakistani general election, Ismail played a pivotal role as a member of the election strategy team and the manifesto committee for the Pakistan Muslim League (N). Subsequently, he held directorial positions in significant organizations such as Pakistan International Airlines and Sui Southern Gas Company.
Ismail’s leadership skills were further demonstrated when he became the head of the Federal Board of Investment in January 2014. Under his guidance, the Board underwent substantial restructuring, leading to the formulation of a new automobile sector policy that attracted significant investments.
Academic and Leadership Roles: Apart from his political endeavors, Miftah Ismail has contributed to academia as adjunct faculty at the Institute of Business Administration and served as the chairman of the board at Karachi American School.
Finance Minister and Resignation
Miftah Ismail took on a critical role in the economic landscape of Pakistan when he assumed the position of Federal Minister for Finance, Revenue, and Economic Affairs on April 27, 2018, in Shahid Khaqan Abbasi’s cabinet. However, his tenure in this role was relatively short-lived, concluding on May 31, 2018.
Despite the brevity of his initial term, Ismail returned to the same position in April 2022. Unfortunately, his second stint as Finance Minister faced challenges, and he resigned in September 2022, making way for the return of Ishaq Dar.
Political Developments: The later part of Ismail’s political journey saw shifts within the Pakistan Muslim League (N). On June 19, 2023, he was removed as the general secretary of the party, allegedly due to disagreements with prominent party members, including Maryam Nawaz. On June 24, 2023, Ismail resigned from all senior positions in the PML(N) and party committees, signaling his withdrawal from active participation in electoral politics.
Miftah Ismail’s political and professional journey reflects a dynamic engagement with economic policies, political strategy, and academic contributions, making him a notable figure in Pakistan’s political and economic landscape.