In a worrying development for Pakistani Prime Minister Shehbaz Sharif, a recent report by the Washington-based Institute of International Finance (IIF) has reportedly said that historical precedence did not bode well for either his chances of finishing a five-year term or his country’s prospects of breaking free from the need of a fresh International Monetary Fund (IMF) programme in the future.
“To date, no (Pakistani) prime minister has ever finished their five-year term, while Pakistan is currently in its 23rd IMF programme since 1958,” said the IIF, a global association of financial institutions comprising the world’s largest commercial and investment banks, investment management firms, and insurance companies. According to a report by a Pakistani daily, Dawn, the IIF added that this was a “horrible track record that shows no signs of being broken any time soon”.
On March 4, Shehbaz Sharif took oath as Prime Minister of Pakistan, taking over the country’s reins for the second time. The 72-year-old had earlier served as Prime Minister of a coalition government from April 2022 to August 2023.
Sharif was elected as PM for the first time after ousting Imran Khan through a vote of no confidence.
The brother of former prime minister and Pakistan Muslim League-Nawaz (PML-N) leader Nawaz Sharif, Shehbaz took over as PM days after the PML-N and the Pakistan People’s Party (PPP) agreed on a power-sharing deal to form a coalition government.
The IIF also warned that “turbulent, unstable politics” would add to the risks Pakistan is facing.
The February 8 polls in Pakistan were marred by allegations of vote rigging. Shehbaz Sharif faces a challenge from jailed former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party, which has promised to keep protesting the alleged manipulation of the election results.
The elections also witnessed the suspension of cellular service, delay in the releasing of results, mass protests, and the failure to allocate reserved seats to PTI-backed independents. It is clear that Imran Khan is the most popular politician in Pakistan,” said the IIF report, adding, “This puts him at odds with the powerful military.” The IIF anticipates that tensions between the two sides will continue escalating — a situation that is likely to lead to additional military crackdown on politicians backed by the PTI and the party’s supporters.
