Pakistan's Sharif picks Dar as finmin to revive economy

KARACHI Mon May 13, 2013 4:28pm IST

Nawaz Sharif (C), leader of the political party Pakistan Muslim League - Nawaz (PML-N), waves to his supporters as he arrives to address an election campaign rally in Rawalpindi, May 7, 2013. REUTERS/Faisal Mahmood

Nawaz Sharif (C), leader of the political party Pakistan Muslim League - Nawaz (PML-N), waves to his supporters as he arrives to address an election campaign rally in Rawalpindi, May 7, 2013.

Credit: Reuters/Faisal Mahmood

Related Topics

A statue of Ganesh, the deity of prosperity, is carried in a taxi to a place of worship on the first day of the ten-day-long Ganesh Chaturthi festival in Mumbai August 29, 2014. REUTERS/Danish Siddiqui

Ganesh Chaturthi Festival

During Ganesh Chaturthi idols will be taken through the streets in a procession accompanied by dancing and singing, and will be immersed in a river or the sea in accordance with Hindu faith.  Slideshow 

KARACHI (Reuters) - Pakistan's former prime minister Nawaz Sharif has picked senator Ishaq Dar as his finance minister in the new cabinet that he is putting together after leading his party back to power, a party spokesman said on Monday.

Dar, who served as finance minister in a previous Sharif cabinet in the 1990s, has said he plans to push provincial governments to collect agricultural taxes, a policy that could set him on a collision course with some of the Pakistan Muslim League's (PML-N) wealthy backers.

Sharif has suggested he would be willing to implement some of the politically-sensitive reforms demanded by the International Monetary Fund in order to secure billions of dollars to keep the economy afloat.

Dar, an accountant by training, negotiated an IMF package in 1998. But he told Reuters in a recent interview that the PML-N was not yet committed to seeking IMF help, and any package "would have to be right for the country".

Pakistan's stock market hit a record high on Monday as Sharif looked set to form a government that would be less fragile than expected after the May 11 election, dealers said.

The Karachi Stock Exchange .KSE jumped 1.6 percent to scale the 20,000 mark on expectations that the new leader would have a freer hand in pursuing reforms to revive the economy.

"There is an expectation that the economy will be much better handled by one party, and a pro-business party, leading the government as opposed to an unstable coalition," said Samar Iqbal, of Topline Securities.

Sharif may not win enough seats to rule on his own but has made enough gains to avoid having to form a coalition with his main rivals, former cricketer Imran Khan's Tehrik-i-Insaf (PTI) and the Pakistan People's Party (PPP).

Television channels said Sharif's Pakistan Muslim League (PML-N) had captured 125 of the 272 contested National Assembly seats.

(Reporting by Mehreen Zahra-Malik and Katharine Houreld; Editing by Sanjeev Miglani)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Diplomacy

REUTERS SHOWCASE

Pakistan Protests

Pakistan Protests

Pakistani opposition to press on with protests until Sharif resigns.  Full Article 

Book Talk

Book Talk

Reema Abbasi and a glimpse of Pakistan’s Hindu past  Full Article 

Ukraine Crisis

Ukraine Crisis

Putin calls for talks on east Ukraine "statehood"; Kremlin denies endorsing independence.  Full Article 

India Economy

India Economy

India better prepared for U.S. Fed rate hike - Rajan.  Full Article 

Premier League

Premier League

Irresistible Liverpool trounce Spurs, Villa win.  Full Article 

Hong Kong Democracy

Hong Kong Democracy

Hong Kong braces for protests as China rules out full democracy.  Full Article 

Pacemaker Technology

Pacemaker Technology

Clockwork heart pacemaker does away with batteries  Full Article 

India this week

India This Week

A collection of our best pictures from India  Slideshow 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage