The unimaginable has happened. Ishaq Dar, the architect of clumsy choices at Pakistan’s finance ministry, has finally been replaced by a new finance minister.

But the removal of Dar who triggered visible strains in ties with the IMF, marks just half a new beginning. To date, the former finance minister repeatedly survived, thanks to his relationship with former prime minister Nawaz Sharif rather than his ability. He publicly made bizarre proclamations such as predicting an impressive rise of the rupee against the US dollar, during a flat economy.

“I know how to deal with the IMF” was Dar’s bravado-laden line that continues to resonate with critics. Obviously, he was off the mark by a wide margin.

In this new era of Pakistan’s economic direction led by the visibly enterprising finance minister, Muhammad Aurangzeb, the country continues to face deeply troubling choices, creating the need for hard and unprecedented action.

For the moment, Pakistan remains proverbially in shackles as it steers the economy through a low growth outlook for the foreseeable future. And, while Prime Minister Shehbaz Sharif has promised to swiftly widen Pakistan’s narrow tax base, the jury is still out on the eventual fate........

© The News International