Not having a daughter is Asad Umar's only regret in life

I really don't have regrets in life, says the finance minister

"My only disappointment in life," shares Asad Umar, Pakistan's maverick finance minister, "is not having a daughter. Apart from that, I really don't have regrets in life."

As Pakistan's honeymoon like romance with PTI begins to sunset and sharks begin to circle around the finance minister, Asad Umar, to borrow an economic cliché, is irrationally exuberant on life & Pakistan. Since Asad's views on the economy have been sliced & diced in every possible permutation, I decided to focus my conversation with him to unpack the personal stories which shaped the man, whose decisions will determine the livelihoods of 200 million people.

"If you fail as finance minister," I ask him. "It won't just be a loss for Pakistan and PTI, it will be a loss for everyone you've inspired in the corporate world, who are actively considering public service and politics because of the trail you've blazed. Are you afraid of failure? Does the burden of responsibility weigh you down?" I was expecting a thoughtful response but it seemed like Asad had thought of this question enough times for the answer to come through on auto-pilot.



"No, I'm not afraid of failure," he shared, barely waiting for me to finish the question. "I have no control over results. I can set the right priorities, work hard and make decisions with integrity. The rest is up to God."



"What do you want people to write in your obituary about your stint as finance minister," I ask him. "That's simple," he responds. "First, I want to put Pakistan on a sustainable growth path which breaks the recurring cycle of begging and borrowing. Second, I want to break the elite capture of Pakistan's economic policy. I want to be remembered for moving Pakistan decisively away from these two things."

Asad surprises me with the candor of thought on his legacy, as he's criticised by the capital markets for not communicating his vision for the economy with enough clarity. The second point also explains why there are sharks swirling around him, as he turns down elite rent seekers, who are used to having their way.



Twenty-one years before Asad left Engro to join PTI, he knew exactly what he wanted to do with his life. "Corporate visions and value statements were very trendy when I was working at Exxon Mobil," shares Asad. "In 1991, I made a personal vision statement for myself. At the end of my life, I wanted to look back and say I had a significant, positive impact on the lives of the people of Pakistan.

Last night, a waiter came up to me at a shaadi and told me he prays for me every night and that he wants me to work hard for Pakistan. This means everything to me. My path to get here has not been linear. I've made many mistakes and taken risks throughout my life. This is where my confidence comes from: taking big risks, working really hard and eventually succeeding."

Next, I ask him about his position on the Atif Mian episode.

"Whatever I say, might be misconstrued," shares Asad. "It wouldn't be in the country's interest for me to comment on this."



I ask him to explain how he balances the need to take hard decisions for the economy with political pressures to deliver quick wins. "So far, we've only taken hard decisions," shares Asad. "But unlike the commentators on TV, I don't think the Pakistani awam can't understand the value of these tough decisions. The Pakistani people aren't jahil as they are portrayed by experts on the media arguing for fori relief. I used to argue the same in K-P. We made institutional changes which weren't short term wins and were rewarded by a heavier mandate than before."



"Why aren't you releasing your five-year roadmap for the economy?" I ask. "Khan sahab has also been after me to release our roadmap but we were in conversation with the IMF. I'm planning to share our three-year roadmap along with the finance bill we're planning to release in the second half of January."



I had gone into the conversation trying to figure out if we had just transitioned from corrupt incompetence in PML-N to incorrupt incompetence in PTI's economic team. Post the interview, I realised it's still too early to call him incompetent (or competent for that matter).

One thing is clear though, Asad is a remarkably strong communicator. By my own admission, he walked all over me during the interview and drove the conversation to where he wanted to go, not saying a word more than he wanted to. I don't know if he's been media trained but it feels good to have him representing Pakistan in negotiations with the IMF and the elite rent seekers in Pakistan's economy. Here's to hoping he can walk the walk as well as he can talk the talk.