Active Stocks
Fri Apr 19 2024 15:56:00
  1. Tata Steel share price
  2. 162.10 1.31%
  1. Tata Motors share price
  2. 963.20 -0.84%
  1. NTPC share price
  2. 350.90 -0.14%
  1. ITC share price
  2. 424.80 1.40%
  1. Power Grid Corporation Of India share price
  2. 281.70 0.54%
Business News/ News / Pakistan's Ex-PM Imran Khan arrest: PM Shehbaz Sharif set to dissolve Parliament, National assembly on August 9
BackBack

Pakistan's Ex-PM Imran Khan arrest: PM Shehbaz Sharif set to dissolve Parliament, National assembly on August 9

Pakistan's Prime Minister Shehbaz Sharif has announced plans to dissolve parliament ahead of the end of his term, potentially delaying elections until next year. The move comes shortly after former leader Imran Khan was imprisoned on graft charges.

Pakistan's Prime Minister Shehbaz Sharif plans to dissolve parliament before his term ends following the imprisonment of former leader Imran Khan (REUTERS)Premium
Pakistan's Prime Minister Shehbaz Sharif plans to dissolve parliament before his term ends following the imprisonment of former leader Imran Khan (REUTERS)

Pakistan's Prime Minister, Shehbaz Sharif, is set to dissolve parliament a few days before his term ends this week, following the imprisonment of popular former prime minister Imran Khan in a corruption case.

Addressing a rally in Punjab province on August 6th, Sharif stated, “I will dissolve my government and the National Assembly on August 9," reported Agence-France Presse. The rest is in the hands of Allah the almighty. After that, an interim government will take over, and elections will be held."

There is growing speculation that federal and provincial elections might be postponed until next year after Sharif emphasised the need for new census data. Sharif chaired a meeting on August 5th to approve the latest data and said that the world’s fifth-most populous nation needed to boost economic development to keep up with the increase in numbers.

Also read: Pakistan ex-PM Imran Khan arrested after being sentenced to 3 years jail in Toshakhana case

While Pakistan has until mid-November to conduct the election, revising voter lists and redrawing constituencies may cause delays of anywhere between two to six months. This potential delay could favour Sharif's ruling PML-N and allied political groups amid Khan's imprisonment for concealing state gift proceeds as Khan topped opinion polls. He was picked up on August 5 and sent to a jail at the outskirts of the capital Islamabad.

Khan's arrest received a muted response compared to previous incidents of unrest in May, which led to widespread protests and attacks on state-owned property and military installations. Khan's party has reported arrests of supporters amid sporadic protests after calling for peaceful demonstrations.

Also read: Pakistan: ‘Driver delivered me box, cops harassed his family to confess…’, Imran Khan on drugs supply

Investors reacted calmly to the recent developments, with the nation's dollar bonds showing gains in early Asian trading on Monday.

Postponing elections could also offer time for a caretaker administration to fulfil pledges to the International Monetary Fund for a loan to address the challenges of record inflation and borrowing costs impacting Pakistan's economy. An interim prime minister is expected to be appointed on August 8 or 9, although disagreements persist among Sharif and his allies regarding the candidates.

During the rally in Punjab, Sharif reiterated that his elder brother, Nawaz Sharif, currently in self-exile in London since 2019, will become Pakistan's next leader if their party PML-N secures the election. Analysts and commentators widely believe that Nawaz plays a significant role in the party's decisions.

In recent months, the military and the government have conducted a crackdown on Khan's party, leading some key members to abandon the former cricket star and join other political groups. Khan has spent much of his time at his home in Punjab, venturing out only to seek bail in more than 170 legal cases.

(With inputs from Bloomberg)

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 07 Aug 2023, 09:37 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App