akistan has entered the year 2024 in a transitional phase where a caretaker government is at the helm of affairs. Unfortunately, elections could not be held within the 90-day period stipulated in Article 224(2) of the constitution. The Election Commission of Pakistan invoked Article 51(5) and the Elections Act, 2017, citing delisting of constituencies following the cabinet’s approval of the census results in August 2023 as a reason for the delay. Following intervention by the Supreme Court of Pakistan, the schedule has been announced and the nation is anticipating voting on February 8, less than a month from now. Post-elections one hopes for a stable government in March 2024.

Considering several political parties are already expressing concerns about the fairness of electoral process and the lack of a level playing field, doubts persists whether the post-election scenario can be counted upon to usher in political harmony, economic stability, improved law and order and a robust foreign policy.

Multifaceted challenges currently face the country. With the break of dawn on February 9, the people of Pakistan will finally know which leadership is to take up the reins of the government and sort out issues like inflation, economic revival, provision of education and healthcare and eradication of unemployment.

A review of the second tranche of $3 billion standby arrangement having been completed, Pakistan awaits approval of the executive board of the International Monetary Fund for disbursement of the third tranche. The country is struggling to boost its foreign exchange reserves to manage the balance of payments and repayments of outstanding external loans.

This predicament will continue to pose a daunting challenge for the new government and obstruct delivery of immediate relief to citizens reeling under high inflation.

The new government will face a multitude of challenges, including political and judicial matters. It will also need to negotiate with the IMF to conclude the ongoing SBA and seek a new extended fund facility. The IMF may be reluctant to extend support without a firm commitment to undertake structural reforms. Meanwhile, concerns persist about Pakistan’s ability to meet its fiscal targets for establishing a........

© The News on Sunday