Former PML-N leader Miftah Ismail confirmed on Sunday that he was forming a new political party, putting months of speculation to rest.

He announced the new party, which has yet to be named, in an op-ed published in The News as well as a post on X.

Speculation had been rife for months about when the ex-finance czar would launch a new party, with expectation being that he would also rope in ex-prime minister Shahid Khaqan Abbasi and former PPP Senator Mustafa Nawaz Khokar.

In his op-ed, Miftah said that the new party would be of “a different kind” and its leadership will be comprised of “women and young people” and will also constitutionally mandate term limits for party leaders.

“We are forming […] a party based on ideas and not personalities […] that has professionals of integrity, competence and intellectual honesty”, the ex-finance czar wrote.

He added that the party will avoid targeting one province or ethnic group and will not rely on the dynastic or family politics that dominate its contemporaries.

In his op-ed, Miftah said that the impetus for forming his new party was the need to “radically restructure our governance”. “We are fast reaching the point of no return — and it is imperative we take a hard look at our ineffective governance that has failed our people,” he wrote.

He deemed Pakistan’s current political leaders “out-of-touch and short-sighted” with regard to Pakistan’s future. “I am sorry to say they lack both the courage and the competence to change the course of this country,” Miftah said.

“What is unique about us (Pakistan’s problems), however, is that our problems have been lingering for decades and our leaders, engaged in palace intrigues, have only added to our woes and not been able to solve a single significant problem in decades,” he added, maintaining that this trend of poor governance was why he is forming a new party.

The former finance minister stated that Pakistan needs to be run by individuals with a track record of integrity, competence and results, emphasising that younger people will make up the core of the party’s leadership and public appeal.

“We want to present to our people a new vision of Pakistan, a nation focused on its people — especially the young,” he wrote.

Aside from holding the office of finance minister, Miftah holds a doctorate in public finance from the prestigious Wharton School and has also worked for the International Monetary Fund.

He developed differences with his former party, the PML-N, after being unceremoniously removed as the finance minister in September 2022 for make way for Ishaq Dar.

In June 2023, he resigned as the general secretary of PML-N Sindh and all party committees.