Punjab’s by-election on July 22 was conducted over 20 seats and had a voter turnout of almost 45 percent. Pakistan Tehreek-e-Insaaf (PTI) won 15 seats, Pakistan Muslim League (PML-N) 4 seats, and one by an independent. PTI had 188 seats including 10 from Pakistan Muslim League-Q (PML-Q), and PML-N achieved 179 seats out of 369 at the Punjab Assembly. A dramatic situation was observed when a letter instructing party members to abstain from voting for PTI was received and was declared authentic by the Punjab Assembly’s Deputy Speaker, Dost Mohammad Mazari. Thus, the decision turned in favour of Hamza Shahbaz instead of Pervaiz Elahi, and he took the oath as Chief Minister (CM) the next day. Later on, the honorable bench of the Supreme Court including Chief Justice Umar Ata Bandial, Justice Ahsan, and Justice Munib Akhtar declared Hamza Shahbaz’s selection as CM null and void, and Pervaiz Elahi was ordered to resume the functioning of the CM office immediately.
Presently, Pakistan is facing a challenging economic imbalance, and political upheavals are blowing the fire. The political parties’ ideological differences by raising voices against each other affect their reputation at the international level. It seems to be a fight of gaining power by using any and all means. Pakistan Democratic Movement’s (PDM) disapproval of the honorable Supreme Court’s bench was quite obvious after it boycotted the court’s proceedings shortly after the press conference.
PTI has raised its concerns over the role of the Election Commission of Pakistan (ECP) and demanded to hold fair and free upcoming general elections. The reason for this demand was the prosperity and economic stability of Pakistan. At the economic crunch, there is a need for an amicable solution with political stability as political stability will give a solid foundation to work on the imbalances.
According to the government’s economic survey, Pakistan has shown an increased growth rate of 5-6 percent in the last two years. Steps taken by the previous government are appreciated and there is no doubt that in every government, projects and deliverances in fact initiated. However, they never came to fruition. Now, we must understand the importance implementation and the risk of financial loss in the instance that we abandon everything. Every government needed to be vigilant, careful, and sympathetic enough towards the country.
Another step in this regard is observed when the Ministry of Information and Broadcasting demanded Rs.1 billion to hold the upcoming August 14 celebrations. During such intense economic hardships, how can such a large amount even be given for celebrations? It is recommended to hold simple ceremonies at the President’s house and Governor’s houses in each province. Every penny has to be spent with great responsibility at an hour when Pakistan is trying its level best to meet the International Monetary Fund’s (IMF) demands.
However, Pakistan’s inflation has raised to 21.3 percent since June which shows the macroeconomic imbalances’ challenges. The political upheavals forced the government to make tough decisions such as ending subsidies and raising taxes. Furthermore, food prices, rising utility costs, and a potential raise in interest rates will surely slow down industrial activity with time. Pakistan is facing $6.4 billion in debt and according to a Bloomberg report, the rupee dropped out by 8 percent in the last month alone.
However, through the implementation of strict conditions given by the IMF, we may be able to reduce the budget deficit, improve banking and tax legislation, strengthen the social safety net for poor households, reduce the foreign exchange market by the federal bank, and electricity subsidies. The common citizen is under a huge burden, and the result of the Punjab by-elections can be associated with the economic crisis. The political imbalances and inflation is being considered as the main factors for PTI’s win. The upcoming months seem to be turbulent for the country, and most have expressed support for the general elections to be held this year so that some economic stability can be achieved.
Presently, Pakistan is facing a challenging economic imbalance, and political upheavals are blowing the fire. The political parties’ ideological differences by raising voices against each other affect their reputation at the international level. It seems to be a fight of gaining power by using any and all means. Pakistan Democratic Movement’s (PDM) disapproval of the honorable Supreme Court’s bench was quite obvious after it boycotted the court’s proceedings shortly after the press conference.
PTI has raised its concerns over the role of the Election Commission of Pakistan (ECP) and demanded to hold fair and free upcoming general elections. The reason for this demand was the prosperity and economic stability of Pakistan. At the economic crunch, there is a need for an amicable solution with political stability as political stability will give a solid foundation to work on the imbalances.
According to the government’s economic survey, Pakistan has shown an increased growth rate of 5-6 percent in the last two years. Steps taken by the previous government are appreciated and there is no doubt that in every government, projects and deliverances in fact initiated. However, they never came to fruition. Now, we must understand the importance implementation and the risk of financial loss in the instance that we abandon everything. Every government needed to be vigilant, careful, and sympathetic enough towards the country.
Another step in this regard is observed when the Ministry of Information and Broadcasting demanded Rs.1 billion to hold the upcoming August 14 celebrations. During such intense economic hardships, how can such a large amount even be given for celebrations? It is recommended to hold simple ceremonies at the President’s house and Governor’s houses in each province. Every penny has to be spent with great responsibility at an hour when Pakistan is trying its level best to meet the International Monetary Fund’s (IMF) demands.
However, Pakistan’s inflation has raised to 21.3 percent since June which shows the macroeconomic imbalances’ challenges. The political upheavals forced the government to make tough decisions such as ending subsidies and raising taxes. Furthermore, food prices, rising utility costs, and a potential raise in interest rates will surely slow down industrial activity with time. Pakistan is facing $6.4 billion in debt and according to a Bloomberg report, the rupee dropped out by 8 percent in the last month alone.
However, through the implementation of strict conditions given by the IMF, we may be able to reduce the budget deficit, improve banking and tax legislation, strengthen the social safety net for poor households, reduce the foreign exchange market by the federal bank, and electricity subsidies. The common citizen is under a huge burden, and the result of the Punjab by-elections can be associated with the economic crisis. The political imbalances and inflation is being considered as the main factors for PTI’s win. The upcoming months seem to be turbulent for the country, and most have expressed support for the general elections to be held this year so that some economic stability can be achieved.
