Political circles abuzz as Miftah Ismail retirement targets Muhammad Aurangzeb

ISLAMABAD: (Rizwan Abbasi) – Political and technical activities have intensified once again within the government. There are reports of in-house consultations and activities to remove Finance Minister Muhammad Aurangzeb by senior and influential government circles, which are somewhat reminiscent of the famous “Retirement Plan” that emerged during the tenure of former Finance Minister Miftah Ismail.

According to sources, reservations are being expressed in government and economic circles about the performance of the Finance Minister due to the increasing burden of inflation, economic pressure, and continuous difficulties in achieving revenue targets.

During the first nine months (July to March) of the current fiscal year 2025-26, the tax shortfall of the Federal Board of Revenue has exceeded Rs 610 billion.

The Federal Board of Revenue collected Rs 9,307 billion in tax, while the revised target was set at Rs 9,917 billion, which could not be achieved and is being described as a major challenge to the government’s economic strategy.

Government sources say that despite the passage of two years, the public and the business community have not been able to get significant relief. In the name of economic stability, the burden of new taxes is being increased, which is affecting both the business community and the common citizens.

For the first time in Pakistan’s history, a person who held foreign citizenship at that time was made the Minister of Finance. Muhammad Aurangzeb was a citizen of the Netherlands. In March 2024, he was specially brought back to Pakistan and appointed as the Minister of Finance in the federal cabinet.

Immediately after assuming the ministry, his request to renounce his Dutch citizenship was approved, a formal notification was issued, he took the oath, and later the federal cabinet ratified this decision. However, critics are now raising questions about this “unelected” and “foreign” minister.

It should be remembered that former Finance Minister Miftah Ismail was also unelected at the time of his appointment and was able to take over the Finance Ministry for only a few months.

During this time, Punjab Chief Minister Maryam Nawaz had strongly reacted against the fixed tax imposed on traders in electricity bills and demanded a review of this policy. In the current situation, some quarters are seeing a similar environment being created again.

Sources claim that the government’s inner circle is considering replacing Muhammad Aurangzeb with a “trustworthy and local” figure. In this context, news reports about alleged failures in the Finance Ministry, criticism of economic policies, and possible changes are once again emerging.

According to sources, a campaign is also being run internally based on economic challenges, the International Monetary Fund program, and difficulties in achieving revenue targets. It is reported that a significant change is expected in the next few weeks.

In the current economic situation, the government needs concrete economic reforms with consistent and clear policies, not continuous political conflict. The people are already under economic pressure and cannot afford any more experiments.