Former finance minister Miftah Ismail delivered a scathing critique of the government’s economic management on Friday, asserting that rampant inflation and misguided policies have impoverished every citizen over the last three years and reduced the politics of the ruling Pakistan Muslim League-Nawaz (PML-N) to a ‘zero-sum game.’
In a detailed interview with a digital media platform, Ismail, who now serves as the Secretary General of the Awam Pakistan Party, contended that the current administration’s economic strategies have crushed the public. ‘Sugar exports raised prices from Rs130 to Rs200, while Pakistan’s average income has declined for three years, making every citizen poorer,’ he stated.
Highlighting severe unemployment figures, the former minister found it shameful for officials to claim the country is on the right track. ‘When unemployment is over 20%, claiming the country is on the right track is shameful,’ he remarked, adding that the administration allowed middlemen to reap enormous profits from wheat procurement while failing to take decisive action.
Ismail also took aim at his former party’s political prospects, mocking recent development announcements by Maryam Nawaz. He sarcastically challenged the PML-N, stating: ‘Hold local government elections and see the results,’ implying a lack of public support for the incumbent party.
The economist argued that without fundamental structural reforms, Pakistan cannot progress. He identified the core issue in major provinces like Punjab and Sindh not as ethnic conflict but as the dominance of an elite class that works against the interests of ordinary people. He also rejected the country’s dynastic political culture, asserting, ‘I don’t believe only two or three families can run Pakistan. We can do better.’
He further condemned the administration for its inaction on key reforms, noting a failure to implement privatization or downsizing measures over the past three years. ‘They talk daily, but never take practical steps,’ Ismail said, pointing to the cancellation of a crucial LNG deal with Azerbaijan as an example of poor policy that exacerbated the energy crisis, leaving Pakistan with the highest electricity and gas prices in the region.
Commenting on the country’s governance structure, Ismail acknowledged that a hybrid system has been in place since 2018, with civilian space steadily shrinking since 2014. While recognizing the military’s central role and international praise for the armed forces, he warned that it was unjust to attribute all national successes to the military while placing blame for all failures solely on Prime Minister Shehbaz Sharif.