Award controversy: finance minister’s assertion found true

ISLAMABAD: The assertion of Finance Minister Senator Ishaq Dar has been found accurate in the controversy triggered out of being declared as the Best Finance Minister of the year 2016 for South Asia by Emerging Markets, newspaper of IMF/World Bank annual meeting.

The leading newspapers on Friday published the stories based on talk of mission chief Herald Finger with Islamabad journalists through video link on completion of three-year $6.15 billion programme, saying that the recent awards to Finance Minister Ishaq Dar as ‘the best finance minister’ and governor central bank Ashraf Wathra as ‘governor of the year’ had nothing to do with the IMF.

Finger explained that the organisation that gave award to the finance minister was “an independent publication that is widely circulated during the annual meetings of IMF and World Bank” as well as the Euromony that gave another award to Wathra.

However, the email sent to finance minister of Pakistan from the account of valeria.Lonstaff@globalcapital.com with attachment: FM-Pakistan: IMF16_awards-invitationGM available with The News clearly mentions saying: “It is with great pleasure that we write to inform you that Emerging Markets, newspaper of IMF/WB annual meeting, has named you the Finance Minister of the year for South Asia.”

This sentence within quote and unquote contains no ambiguity at all that the Emerging Market, that is circulated during IMF/WB annual meeting has nominated the Ishaq Dar as Best Finance Minister of the year.

The next paragraph of the email also acknowledged the untiring efforts of Dar to put the country on track through prudent economic policies, saying: “While we recognise it has been difficult times in international financial markets, your stewardship of your nation’s finances has been admirable since taking over. Among the many reasons are that Pakistan has, under your guidance, become an increasingly important regional economy thanks to the focus put on growing FDI, the impressive reputation of economic competence, the desire to have greater presence in the global financial markets, the new securities legislation, the clever merger of stock exchanges and its increasingly relationship with China.” 

The finance minister also talked to ‘The News’, saying that there are some elements who are behind creating this controversy knowing that fact that Emerging Markets named him as the Best Finance Minister of South Asia.

He said that the same newspapers has earlier named the finance ministers of Malaysia, Indonesia and India and they got the awards from the same organisation at the annual meetings of World Bank in the presence of top functionaries of the IMF, WB, ADB and other international financial institutions (IFIs). The minister said that he has got Nishan-e-Imtiaz and never mentioned it with his name. His award by Emerging Market is the award for the country. 

Dar said that the economic landscape of the country has entirely changed which is now in the positive zone. All the IFIs have said that Pakistan economy has turned around, but there are some spin doctors who are upset with the positive economic outlook of the country and they are the ones who are busy in defaming Pakistan.

Earlier, the spokesperson of the Ministry of Finance expressed disappointment over the assertions made by few people who, with ulterior motives, have been twisting the facts regarding the award of “Best Finance Minister of the Year for 2016” to Ishaq Dar by Emerging Markets publication. The spokesman clarified that the finance ministers of other countries have also been receiving the said award in the past many years.

The spokesman made it clear that Emerging Markets is a financial trade newsletter that widely publishes around Spring and Annual Meetings of the IMF/ World Bank and gives awards every year to finance ministers and central bank governors.

The press release issued by the Ministry of Finance on October 8, 2016 had contained full correspondence with the said publication so as to avoid any misunderstanding. The same correspondence is being attached again with this press release.

The email dated October 4, 2016 received from the publication had also clearly stated that “It is with great pleasure that we write to inform you that Emerging Markets, the newspaper of the IMF/ World Bank Annual Meeting, has named you Finance Minister of the Year for South Asia.”