In a significant development, Shehbaz Sharif has been named as the next prime minister candidate for Pakistan, taking the nation a step closer to forming a new government. However, this breakthrough comes after no political party achieved an outright majority, which could potentially result in a weak and unstable administration.
Nawaz Sharif, the leader of the Pakistan Muslim League-N party, nominated his younger brother Shehbaz for the position on Tuesday after his main rival, Bilawal Bhutto Zardari, withdrew from the race. Bhutto Zardari announced earlier in the day that his party would support Sharif's candidate and the new government but would not be part of the cabinet.
Addressing the media at a press conference, Shehbaz Sharif emphasized the need for revolutionary steps to overcome Pakistan's economic crisis and invited everyone to collaborate on a charter of economy. His first task as the potential prime minister will be to lead negotiations with the International Monetary Fund (IMF) for a new loan program. He stressed the urgency of securing a program quickly, highlighting the pressing nature of the country's economic challenges.
Pakistan's current $3 billion IMF program is set to conclude in April, while the nation faces approximately $25 billion in external debt payments in the fiscal year starting in July, which is nearly three times its foreign-exchange reserves. Shehbaz Sharif played a crucial role in negotiating and securing the current IMF program when he served as prime minister from 2022 until last year, helping the country avert a near-bankruptcy situation.
Although the three-time former Prime Minister Nawaz Sharif returned from exile last year to revitalize his party ahead of the elections, he decided against assuming the position himself. Instead, he chose to nominate Shehbaz Sharif, highlighting his brother's expertise in dealing with coalition matters.
Leading a coalition of over a dozen political parties in 2022, Shehbaz Sharif successfully ousted Imran Khan and became the prime minister. With Bhutto opting out of the race, the Sharif family will likely continue negotiations to bring them on board, enhancing the prospects of a stable government and avoiding potential political instability.
However, this development comes as a setback for Imran Khan's candidates, who ran as independents and defied expectations by securing the most seats in the election but fell short of a majority. Khan's party has decided not to engage with its main political opponents and is still contemplating how they can form a government.
The party has, however, decided to form a coalition with a smaller party called Majlis Wahdat-e-Muslimeen Pakistan, as per a statement issued after a meeting with Khan in prison. This decision will make them eligible for reserved seats in the lower house.
Despite the potential formation of a new government, experts believe that it could be weak and face challenges maintaining a majority in parliament, potentially leading to further political crises in Pakistan. The outcomes of ongoing negotiations and coalition-building efforts will likely shape the future course of Pakistan's government and its ability to address pressing economic issues.