Describing the situation as merely old wine in a new bottle would be inadequate, as the PDM coalition assumes control of Pakistan’s federal government once again, with Shehbaz Sharif of PML-N elected as the 24th Prime Minister. This follows a tumultuous general election in February 2024, leaving the country in political turmoil with a hung parliament.
The coalition, comprising PML-N, PPP, MQM, and others, faces significant challenges. The PTI, disputing the election’s integrity, refuses to acknowledge the results and is leading a protest movement. Despite military backing, doubts linger over the government’s capacity to address mounting economic concerns, including escalating debt, fiscal deficit, and inflation.
With the IMF bailout package in sight, stringent conditions such as tax base expansion, privatization, and currency devaluation pose further hurdles. These reforms are poised to encounter resistance from the public, opposition, and the influential military, which wields significant economic control.
The PML-N-led coalition shoulders the weighty responsibility of stabilizing the country and restoring its credibility. The extent of support from the establishment remains uncertain. Will the government have leeway to devise independent economic policies, or will it operate as a mere extension of previous caretaker models, influenced by vested interests? Only time will tell.
