Sherbaz Sharif to become Prime Minister of Pakistan
Pakistan’s two conservative parties have agreed to form a government, a move that breaks nearly two weeks of deadlock and could see jailed former Prime Minister Imran Khan’s party lose power despite winning in the country’s disputed election the most seats.
Bilawal Bhutto Zardari’s Pakistan People’s Party will form an alliance with the Sharif family’s Pakistan Muslim League-Nawaz, Zardari said at a joint press conference in the capital Islamabad on Tuesday. . Shehbaz Sharif will serve as prime minister and Asif Ali Zardari, Bhutto Zardari’s father, will be nominated as president.
“Both sides have the numbers to form a government,” said 35-year-old Bhutto Zardari, son of slain former Prime Minister Benazir Bhutto, as his father and Sharif sat next to him.
The development could end the days of uncertainty over the outcome of the February 8 election, when Khan’s candidate ran as an independent and against all odds won the most seats but fell short of an outright majority. Several rounds of negotiations ensued, culminating in the announcement Tuesday night.
Investors will be watching what this means for Pakistani markets, which were shaken following the polls. The benchmark stock index has fallen in six of eight consecutive trading days since February 8. Dollar bonds due in 2031 rose 1.2 cents to 66.04 cents on the dollar on Wednesday, while bonds due in 2051 also gained.
Questions also remain about how Khan’s supporters will respond. Following the announcement, his Pakistan Tehreek-e-Insaf party posted a photo of Sharif, Bhutto Zardari and his father on X, using the hashtag #MandateThieves.
The party, also known as PTI, held protests over the weekend against alleged vote-rigging. The company’s claims gained support when a Pakistani official said he had rigged the vote count and that the Election Commission of Pakistan, which oversees the polls, was involved. The European Communist Party and Prime Minister Anwar Haq Kakkar’s interim government deny the allegations of fraud.
The PTI was effectively barred from contesting elections in its own name after its coveted cricket bat symbol, used on ballot papers to help illiterate voters identify candidates, was taken away. Authorities also halted most campaign rallies. The party ran candidates as independents and attempted to hold online rallies, but those were disrupted by a social media blockade.
The country’s interim information minister Murtaza Solangi said the deadline for convening a parliamentary session to form a new government is February 29.
The new government must shore up an economy hit by Asia’s fastest inflation of 28% and negotiate new loans from the International Monetary Fund after the current program expires in April. Sharif said this would be one of his top priorities if he became prime minister. At a news conference with Bhutto Zardari and his father, Sharif said the challenges would be “a journey full of blood, sweat and sacrifice”.
He told reporters that Pakistan currently relies on loans to survive. “We have to end this, but that’s easier said than done.”
This is not the first time the two family-controlled parties have come together. After Khan was ousted in April 2022, they led a coalition that ruled the country for about 16 months. Shehbaz became Prime Minister and Bhutto Zardari became Foreign Minister.
During this period, Bhutto Zardari’s party appeared to distance itself from the economic reforms implemented by Sharif’s government, including raising fuel prices.
Sharif said the two parties competed as rivals in this year’s elections but later agreed to hold talks to “save the country from political instability.”
