Shehbaz Sharif government considering Finance Minister Ishaq Dar’s name for interim PM: Reports

Ahead of stepping down and handing over the charge, Pakistani Prime Minister Shehbaz Sharif-led ruling Pakistan Muslim League-Nawaz (PML-N) party is considering Finance Minister Ishaq Dar's name for taking up the position of caretaker prime minister, according to local media reports.

With elections scheduled to be held in November, Sharif has promised to hand overthe charge to the caretaker set-up next month before the completion of the assembly’s tenure.

“Next month our government will complete its tenure, [but] we will leave before the completion of our tenure and an interim government will come in,” the prime minister said.

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Reports state that Sharif is mulling changes to the Elections Act 2017 to provide additional powers to the caretaker PM so that it can takedecisions beyond its constitutional mandate. The decision will help ensure the continuity of economic policiesand expedite the process aimed at receiving foreign investment in state-owned entities.

Why the changes?

The final decision regarding the same will be taken next week inconsultation with the Pakistan People's Party (PPP) - the other coalition partner.

The present law bars the caretaker government from taking major policy decisions. Experts argue that the Sharif government may look to amend Section 230 of the Elections Act 2017. The particular section states that a caretaker (interim) government shall only perform its functions to attend to day-to-day matters.

A senior cabinet, quoted as saying by The Express Tribune said that Pakistan's economy is currently passing through a phase where matters cannot be left for three months on just day-to-day decision making.

Pakistan still in deep waters

Notably, earlier this week, International Monetary Fund (IMF) cautioned that the$3 billion bailout programme for Pakistan alone was not going to be enough for economic revival. The global lender said Pakistan needsanother programme and support from othermultilateral lenders.

“Resolving Pakistan’s structural challenges, including long-term BOP [balance of payments] pressures, will require continued adjustment and creditor support beyond the current programme period,” said IMF, adding that a successor arrangement was needed to restore the country's medium-term viability and capacity to repay.

IMF approves $3 billion loan for Pakistan

"Pakistan’s economic challenges are complex and multifaceted, and risks are exceptionally high. Addressing them requires steadfast implementation of agreed policies, as well as continued financial support from external partners," it added.

(With inputs from agencies)

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