Coalition discussions between Nawaz Sharif and Bilawal Bhutto stall over PM selection.
According to local media reports on Monday, both the Sharif and Bhutto families are vying for their candidates to secure the top position.
A hurdle has emerged in negotiations between Pakistan’s two primary family-led political parties to establish a new government, as they struggle to reach a consensus on the prime ministerial candidate for their coalition aimed at countering imprisoned former leader Imran Khan.
According to reports from local media on Monday, both the Sharif and Bhutto families are eager for their respective candidates to assume the top position. Sherry Rehman, a senior leader within Bilawal Bhutto Zardari’s Pakistan Peoples Party, announced plans to establish committees tasked with “engaging in negotiations with other political entities.”
The indication is that the process of forming a government may extend over several weeks. A day earlier, Pakistan Muslim League-Nawaz President Shehbaz Sharif stated on X that the families had reached a “tentative agreement” to safeguard the country from political turbulence.
The Sharif and Bhutto families have been engaged in discussions aimed at establishing a government following the surprising outcome of the election, where candidates backed by Imran Khan, running as independents, secured the most seats but failed to achieve a clear majority. Over the weekend, Bilawal Bhutto Zardari’s Pakistan Peoples Party (PPP) held two meetings with the Pakistan Muslim League-Nawaz (PML-N), led by three-time prime minister Nawaz Sharif.
Specifics of the talks remained undisclosed, but according to reports from local media, the Pakistan Muslim League-Nawaz (PML-N) expressed its preference for either Nawaz Sharif or his brother Shehbaz to assume leadership of the government. On the other hand, the Pakistan Peoples Party (PPP), which secured third place in the vote, advocates for Bilawal Bhutto Zardari, 35, the son of the late Prime Minister Benazir Bhutto, to take the helm. They argue that he would represent a new and youthful perspective in a nation where over 60% of the population is under the age of 30.
A potential coalition between the parties would block the candidates endorsed by Imran Khan, whose significant performance underscored the enduring appeal of the former cricket star and the electorate’s disenchantment with the prevailing political landscape in Pakistan, symbolized by the Sharif and Bhutto factions as well as the influential military. Allegations of election fraud have been made by Khan’s party, leading to sporadic protests across the nation.
Investors would face heightened uncertainty if the government formation process experiences delays, adding to the challenges confronting an economy grappling with various issues. With inflation soaring at 28%, the highest rate in Asia, individuals are finding it increasingly difficult to manage their expenses. Additionally, Pakistan’s nine-month bailout program with the International Monetary Fund, the country’s 23rd since its independence in 1947, is set to conclude in March, implying that any incoming leader will need to engage in negotiations for a new agreement.
On Monday, Pakistan’s main stock index experienced a 2.8% decline following a 1.8% drop observed on Friday.
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