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Pakistani PM to dissolve parliament today, ending 16-month tenure marked by economic and political crisis

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Updated 09 August 2023
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Pakistani PM to dissolve parliament today, ending 16-month tenure marked by economic and political crisis

  • Sharif’s tenure technically expires on August 12, caretaker setup will have up to 90 days to organize general elections
  • Elections likely to be delayed beyond November due fresh constituency boundaries required after new census
Updated 09 August 2023
WAJAHAT ALI

ISLAMABAD: The government of Prime Minister Shehbaz Sharif plans to dissolve the National Assembly of Pakistan today, Wednesday, ending sixteen months in office marked by political unrest and economic turmoil.

Sharif took over power in April last year after then Prime Minister Imran Khan was ousted in a parliamentary vote of no-confidence. The outgoing PM’s tenure technically expires on August 12, but he has said he will dissolve the assembly earlier, on August 9, to give the caretaker government 90 days to organize general elections, against 60 days if he were to step down on time, as per the constitution.

Sharif will send a summary for the dissolution of the National Assembly to the president who has to dissolve parliament within 48 hours, after which it will automatically stand dissolved. After the government’s term expires, the president is bound to appoint a caretaker prime minister in consultation with the outgoing prime minister and opposition leader. The same procedure is followed by governors in the provinces. Sharif has said a name for caretaker PM has not yet been finalized. 

“Today is the last session of the cabinet, and there has been no such example in the country’s history where leadership from all provinces is included in the government,” Sharif said in his farewell address to cabinet.

“Despite all the challenges and problems we faced, despite the coalition partners having their own manifestos and opinions, they came together to save Pakistan. You all sacrificed your political capital to save the state.”

“We have reached this concluding stage through your combined efforts after which an interim government will come into power, elections will take place, and a new government will come,” Sharif added.

“We all will work hard together with the new government to take the country forward.”

POLITICAL AND ECONOMIC CRISIS LINGERS

With parliament dissolved ahead of schedule, general elections would be due by November. But the government’s move last week to approve the results of a fresh digital census has thrown polls into uncertainty, as the Election Commission is now bound under the constitution to draw new constituency boundaries as per the results of the latest population count. That process could take up to six months and would mean polling day is pushed back by months.

The ECP has already said it cannot hold general elections on the basis of the new population count within the stipulated three-month deadline if it has to finalize fresh delimitations of constituencies.

Meanwhile, Pakistan’s myriad economic and political troubles continue.

At the heart of the political crisis is Khan, whose ouster last year plunged the country into months of unrest and violent street protests. The ex-premier, the country’s most popular politician by far, was convicted and jailed on graft charges last week and on Tuesday the election regulator barred him from politics for five years, for all practical purposes ending his chances of running in upcoming elections. 

His legal team has appealed the conviction and the disqualification though Khan also faces over 100 other cases, with charges ranging from terrorism to corruption and murder. Khan says the cases are part of the crackdown against him and his Pakistan Tehreek-e-Insaf party, orchestrated by the powerful military establishment and his political opponents. Both deny the charge.

Meanwhile, inflation remains at a record high and millions of ordinary Pakistanis are grappling with a cost-of-living crisis. The country’s Consumer Price Index rose to 28.3 percent in July, year-on-year, with prices up 3.5 percent in July from the previous month. In June, the CPI rise was 29.4 percent year-on-year, coming off a record 38 percent in May. On August 1, Pakistan announced an increase in petrol and diesel prices to meet fiscal objectives laid down in a deal with the International Monetary Fund (IMF), adding further fuel to its sky-high inflation.

Pakistan secured the last-gasp $3 billion deal with the IMF on June 30. Islamabad has committed to a petroleum levy of up to 50 rupees a liter, alongside a string of painful measures, including raising extra revenues, increasing energy prices and a market-based exchange rate, which has already fueled inflation.

“We faced a lot of difficulties regarding the IMF deal but overcame it through combined efforts, thanks to our friendly nations, Saudi Arabia, UAE and China,” Sharif said to his cabinet on Wednesday. “But until when we will continue seeking loans?”

Topics: Pakistan National Assembly politics government Shehbaz Sharif

Pakistan army chief vows retribution as 13 soldiers killed in militant attack in northwest

Updated 5 sec ago
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Pakistan army chief vows retribution as 13 soldiers killed in militant attack in northwest

  • Armed forces say 14 militants were killed in a firefight during a clearance operation after the convoy attack
  • Field Marshal Asim Munir vows to avenge innocent Pakistani lives and respond swiftly to militant violence
Updated 5 sec ago
NAIMAT KHAN

KARACHI: Pakistan’s army chief, Field Marshal Asim Munir, on Saturday vowed retribution after 13 soldiers were killed in a suicide bombing on an armed forces convoy in the country’s northwestern tribal belt, in one of the deadliest attacks on security personnel in recent months.

The military said the convoy was targeted in Mir Ali, a town in North Waziristan near the Afghan border, when an explosives-laden vehicle rammed into one of the lead vehicles after a failed attempt by a suicide bomber to detonate earlier.

Three civilians, including two children and a woman, were also injured in the blast.

Militant violence has surged in northwestern Khyber Pakhtunkhwa province in recent years, particularly in the tribal region, where attacks have targeted soldiers, police, government officials and civilian residents.

Saturday’s assault marked one of the highest single-day tolls for security forces this year. The military said it was followed by the killing of 14 militants in a firefight during a clearance operation launched by the security forces.

“Field Marshal Syed Asim Munir … visited Corps Headquarters Peshawar today, where he was briefed in detail on the prevailing security situation and ongoing counter-terrorism operations,” the military’s media wing, Inter-Services Public Relations (ISPR), said in a statement. “During the visit, the Field Marshal also attended funeral of Shuhada [martyrs] of the incident at Bannu Garrison and visited the injured at Bannu CMH [Combined Military Hospital].”

“Reiterating the state’s uncompromising stance, the Chief of Army Staff vowed that all facilitators, abettors, and perpetrators of terrorism will be relentlessly pursued and brought to justice— without exception and at all costs, and the face of true perpetrator of terrorism in the region will be exposed to the entire world,” the statement added.

Most militant attacks in Khyber Pakhtunkhwa have been claimed by fighters belonging to the Tehreek-e-Taliban Pakistan (TTP), an umbrella group of armed factions that the Pakistani state refers to as khawarij — a term rooted in Islamic history used to describe a violent extremist sect that rebelled against authority and declared other Muslims as apostates.

The army described the assault as a “cowardly attack planned and orchestrated by the terrorist state of India” and executed by its “proxy Fitna Al-Khawarij.”

It said Pakistani forces intercepted the initial suicide bomber, but the attackers rammed a second explosive-laden vehicle into the convoy, killing 13 soldiers.

“The blood of every innocent Pakistani shall always be avenged,” the ISPR quoted the army chief as saying. “Any attempt to undermine Pakistan’s internal stability will be met with swift and decisive retribution.”

He also called for increased institutional support for civilian law enforcement agencies, particularly the Khyber Pakhtunkhwa Police, urging government stakeholders to prioritize capacity enhancement while reaffirming the army’s commitment to assist.

In a separate statement, Prime Minister Shehbaz Sharif condemned the attack, offering prayers for the fallen soldiers and condolences to their families. He praised the security forces for their response, including the killing of 14 militants, and said the entire nation saluted its martyrs.

“We are determined to eliminate every form of terrorism from the country,” Sharif said.

Topics: Pakistan Army ISPR

Pakistan plans to finalize Roosevelt Hotel privatization structure at next cabinet committee meeting

Updated 28 June 2025
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Pakistan plans to finalize Roosevelt Hotel privatization structure at next cabinet committee meeting

  • Privatization Commission denies reports claiming a $100 million base price has been set for the hotel
  • It points out the deal’s value will depend on the government-approved transaction structure, final terms
Updated 28 June 2025
Ismail Dilawar

KARACHI: Pakistan is expected to finalize the transaction structure for the privatization of the Roosevelt Hotel in New York at the next meeting of the Cabinet Committee on Privatization, the government said in a statement on Saturday.

Located in Midtown Manhattan, the hotel is owned by Pakistan International Airlines Investment Limited (PIAIL) and occupies a full city block on Madison Avenue and 45th Street. It has also remained one of Pakistan’s most high-profile yet politically sensitive overseas assets.

“The base price and expected proceeds from the privatization of the Roosevelt Hotel will depend on the transaction structure and final terms approved by the government,” the Privatization Commission said in an official handout. “The transaction structure is expected to be finalized at the next meeting of the Cabinet Committee on Privatization.”

The statement informed no base price had yet been set for the property, rebutting some local media reports that claimed the government had fixed a $100 million floor.

It also pointed out such a value could only be determined at the time of bidding, adding that the deal’s potential value would depend on the transaction structure and final terms approved by the cabinet committee.

Over the past two decades, successive Pakistani governments have floated plans to sell, lease or redevelop the property, but no proposal has advanced beyond early-stage planning.

Earlier this month, Muhammad Ali, the prime minister’s adviser on privatization, told Arab News that the government had completed the hotel’s baseline valuation and appointed US-based consultancy JLL to conduct market sounding.

“We just need to get approval from the cabinet committee on the structure, and we’ll move ahead,” he said.

Topics: Roosevelt Hotel

Pakistan tops global emerging market rankings in sovereign risk improvement — Bloomberg Intelligence

Updated 28 June 2025
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Pakistan tops global emerging market rankings in sovereign risk improvement — Bloomberg Intelligence

  • Government calls the development ‘a resounding signal’ to investors about Pakistan’s improving economy
  • It attributes the new outlook to economic stabilization, structural reforms and successful IMF engagement
Updated 28 June 2025
Ismail Dilawar

KARACHI: Pakistan has recorded the world’s sharpest decline in sovereign default risk over the past year, topping Bloomberg Intelligence’s Global Emerging Market (EM) Rankings for credit risk improvement, according to new data cited by a senior finance official on Saturday.

The data, published by Bloomberg’s research arm, showed that Pakistan’s credit default swap-implied probability of default fell from 59 percent to 47 percent over the past 12 months, a drop of 11 percentage points. The change marks the biggest reduction among tracked emerging markets, outpacing countries like Argentina, Tunisia and Nigeria, as default risk rose in others such as Egypt, Gabon and Turkiye.

Credit default swaps (CDS) are insurance-like financial contracts that allow investors to hedge against the risk of a government failing to repay its debt. Issued and traded by large financial institutions, these contracts pay out in the event of a default. The higher the cost of a CDS, the greater the perceived risk. Bloomberg Intelligence uses CDS pricing to assess a country’s sovereign risk in its Global EM Rankings.

“Pakistan stands out globally as the most improved economy in terms of reduction in sovereign default risk,” said Khurram Schehzad, adviser to the finance minister, in a social media post. “This is a resounding signal to global investors: Pakistan is not only back on the map— it is moving forward with stability, credibility, and reform at its core,” he added.

Bloomberg Intelligence is a highly regarded financial data and media company widely used by global investors, analysts and institutions.

The improvement in Pakistan’s risk profile comes after the South Asian nation narrowly avoided a sovereign default in 2023. With dwindling reserves and mounting debt repayments, Islamabad secured a short-term bailout from the International Monetary Fund (IMF) with the support of key allies including Saudi Arabia, the United Arab Emirates and China.

Since then, Pakistan has undertaken a series of IMF-recommended structural reforms and fiscal adjustments aimed at stabilizing the economy.

Credit rating agencies such as Standard & Poor’s and Fitch have acknowledged the progress with improved outlooks, while the government has prioritized timely debt servicing and macroeconomic discipline.

Schehzad attributed the improved outlook to “macroeconomic stabilization, structural reforms, successful IMF engagement and timely debt repayments,” noting that investor confidence had begun to return.

Rains and floods kill 19 in Khyber Pakhtunkhwa, 12 in Punjab as extreme weather hits Pakistan

Updated 28 June 2025
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Rains and floods kill 19 in Khyber Pakhtunkhwa, 12 in Punjab as extreme weather hits Pakistan

  • Authorities in KP call Swat the most affected district where 13 people lost their lives in flash floods
  • The Met Office warns the risk of heavy rains and floods remains high until the middle of the next week
Updated 28 June 2025
REHMAT MEHSUD & NAIMAT KHAN

PESHAWAR/KARACHI: At least 19 people have been killed and six injured in the past 48 hours in Pakistan’s northwestern Khyber Pakhtunkhwa (KP) province while heavy rains claimed another 12 lives in the most populous Punjab province, provincial disaster authorities said on Saturday.

KP’s Provincial Disaster Management Authority (PDMA) said that a total of 56 houses had been damaged in the region — 50 partially and six completely — while rain-related incidents were reported from various districts including Swat, Abbottabad, Charsadda, Malakand, Shangla, Lower Dir and Torghar.

“In the past 48 hours, rain, strong winds, flash floods and landslides in Khyber Pakhtunkhwa province have resulted in the deaths of 19 people and injuries to 6 others,” the PDMA said in a statement.

A rescue worker rows a raft while searching for survivors, after tourists, who were on a picnic, were swept away by overflowing floodwaters in the Swat River, in Swat Valley in Pakistan on June 27, 2025. (REUTERS)

“The most affected district was Swat, where 13 people died and six others were injured,” it added.

The overall casualties in the province included six men, five women and eight children.

Local administrations have been instructed to provide immediate relief to affected families and ensure medical care for the injured.

The ongoing spell of rains, which began on June 25, has also claimed 12 lives in Punjab, the country’s most populous province, and caused delays in railway operations in the southern Sindh province.

“Twelve people died and 39 were injured in various accidents,” the Punjab PDMA said in a statement. “Majority of deaths were caused by the collapse of roofs and walls.”

A youngster rides his bicycle on a street during heavy rainfall, in Rawalpindi, Pakistan, on June 27, 2025. (AP)

Punjab PDMA chief Irfan Ali Kathia urged citizens to avoid unnecessary travel and not to stay in dilapidated homes during bad weather.

Commuters make their way through a flooded street following heavy rainfall in Hyderabad, in Sindh province on June 27, 2025. (AFP)

The Pakistan Meteorological Department has warned that the risk of heavy rains and possible flash floods will remain high until at least Tuesday.

Babar Raza, a spokesperson for Pakistan Railways, told Arab News the weather had affected the railway signaling system, while the speed of trains had been reduced for safety reasons.

“As a result, some trains are reaching their destinations with a delay of three to four hours,” he said. “No trains have been canceled so far.”

Pakistan, home to over 240 million people, is considered one of the world’s most vulnerable countries to the effects of climate change and faces extreme weather events with increasing frequency.

Last month, at least 24 people were killed in severe storms across the country, which has already experienced multiple extreme weather incidents this year, including hailstorms and spring downpours.

Topics: Pakistan Floods 2025 Pakistan Floods pakistan monsoon Monsoon in Pakistan Swat River

Pakistan arrests two for defrauding citizens with fake jobs in Saudi Arabia, United Kingdom

Updated 28 June 2025
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Pakistan arrests two for defrauding citizens with fake jobs in Saudi Arabia, United Kingdom

  • The suspects arrested in the Pakistani city of Multan have been accused of human smuggling
  • The Federal Investigation Agency says both men extorted money and were involved in visa fraud
Updated 28 June 2025
NAIMAT KHAN

KARACHI: Pakistani authorities have arrested two men accused of human smuggling after they defrauded citizens with false promises of jobs in Saudi Arabia and the United Kingdom, officials said on Saturday, as the country intensifies its crackdown on trafficking networks following a series of deadly migrant boat disasters.

The arrests, made by the Federal Investigation Agency (FIA) in Multan, come amid Pakistan’s broader campaign to curb human smuggling. The issue has drawn significant attention following recent tragedies in the Mediterranean, including shipwrecks off Greece, Libya and Morocco involving scores of Pakistani nationals.

“The accused, Muhammad Muzammil and Sher Khan, extorted large sums of money from citizens by falsely promising overseas employment opportunities,” the FIA said in a statement. “Muzammil took Rs852,000 [$2,982] from a victim under the pretense of securing a job in Saudi Arabia, while Sher Khan collected Rs2 million [$7,000] by offering fake employment in the UK,” it continued. “Both failed to deliver and went into hiding after collecting the money.”

The statement noted that the suspects were also involved in visa fraud.

Prime Minister Shehbaz Sharif has vowed to crack down on the criminal networks exploiting vulnerable people with false hopes of better lives abroad. His administration began focusing on the issue after more than 200 Pakistanis were presumed dead in a shipwreck off Greece among hundreds of other illegal migrants trying to reach European shores.

Earlier this year, over 40 Pakistanis were feared drowned near Morocco’s coast, while the International Organization for Migration said at least 60 migrants, including Pakistanis, were feared dead after a pair of shipwrecks off the coast of Libya in June.

The FIA said on Saturday that both suspects were arrested from separate locations in Multan and have been taken into custody for further investigation. It added that its crackdown on human smugglers remains ongoing.

Topics: Federal Investigation Agency (FIA) Multan

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