In recent developments, the blame game between Pakistan Tehreek-e-Insaf (PTI) and the federal government has intensified. PTI Chairman Imran Khan has been accused by Prime Minister Shehbaz Sharif of undermining the International Monetary Fund (IMF) program, causing instability in the country.
The government negotiated a $6.5 billion loan with the IMF while Khan was in charge. The PTI-led administration, however, fell short on a number of the promises it made in order to obtain the funding. One significant violation of this was a fuel subsidy provided by Khan just before he was overthrown in April 2022.
The coalition government has accused the PTI of deliberately undermining the IMF programme through a number of actions, such as PTI leader Shaukat Tarin ordering the former finance ministers of Punjab and Khyber Pakhtunkhwa (KP) to stop following up on the IMF deal last year. This alleged directive was heard in a conversational audio recording that was leaked.
Due to the PTI’s ongoing street protests since their ouster, the ongoing political unrest has also raised concerns in the markets. Further harming the nation’s already fragile economy was done by the PTI’s dissolution of the KP and Punjab assemblies in an effort to force the government to call early elections.
In order to prevent a default, the government is currently pressing the IMF to release a loan tranche worth more than $1 billion. But given the many difficulties they are currently facing, the prime minister has charged Imran Khan with wanting to spread disorder and chaos on the streets, which will ultimately result in instability.
The PM also chastised Khan for impeding Pakistan’s path to stability and for refusing to help the underprivileged who are suffering from inflation and other economic pressures.
A historic devaluation of the Pakistani rupee and foreign exchange reserves of just over $4 billion, which are only enough for about a month’s worth of imports, are the results of the economy’s decline.
Khan was also criticised by PM Shehbaz for allegedly “running away” from the courts, calling Khan a criminal who is dodging justice. Khan was accused by the prime minister of acting cowardly and of fleeing first from the IMF programme and then from the courts.
Khan is involved in a number of legal conflicts, including allegations of illegal funding, sedition, and terrorism in courts all the way up to the Supreme Court. He has said he did nothing wrong.
The PM also pointed out that Nawaz Sharif, the PML-N leader, endured one of the worst retaliations from the NAB-Nazi alliance during the PTI’s rule.
A significant concern remains the ongoing political and economic instability in Pakistan, and it is unclear when or if these issues will be resolved.
