Nawaz Sharif: Pakistan's best bet for prosperity?

Blame game

Sharif blames Pakistan's economic instability on his rival Imran Khan and supporters of the country's powerful military.  He presents himself as an experienced leader capable of rescuing the economy during a challenging time.

Sharif's previous stints as prime minister saw significant economic reforms. One of them was the launch of the China-Pakistan Economic Corridor — a multi-billion-dollar project that played a pivotal role in modernising Pakistan's infrastructure.

Critics, however, argue that Sharif must address concerns that his economic policies have contributed to the current financial crisis.

With Pakistan's population of 240 million facing economic hardships, Sharif is emerging as the favoured candidate to bring about stability and economic prosperity.

Sharif's network of relationships, including strong ties with Saudi Arabia, a cordial relationship with India's BJP, and influential connections in the Taliban government, make him an appealing choice internationally.

The work will already be cut out for whoever emerges as the presidential winner. 

Military support

The question of Pakistan's military support for Sharif, historically at odds with him, looms large. Observers suggest that a lack of viable alternatives might lead the military to cautiously back Sharif, viewing him as a potential solution to the country's crisis.

Sharif's return, they argue, should not be seen as a deal with the military but as a genuine effort to get Pakistan through challenging times.

Mustansar Abbas, an Islamabad-based expert on military affairs, emphasises that a possible Sharif return marks a pragmatic acknowledgement of his leadership potential by the military. He notes that Sharif's ability to steer the country out of crisis aligns with Pakistan's aspirations and transcends historical conflicts with the military.

According to the World Economic Forum, Sharif's educational background and political career reflect a commitment to democratic values, economic reforms, and regional stability.

As Sharif rallies the public and political allies, his experienced team, coupled with military support, may pave the way for the awaited resurgence Pakistan desperately seeks.

Potential turning point

Whether Sharif can secure the needed support, navigate internal party issues, and garner military backing remains to be seen. Still, his return to the political forefront signals a potential turning point in Pakistan's complex political landscape.

Reflecting on PML-N's previous tenure, it is important to note the substantial achievements under Sharif's leadership. When PML-N came to power in 2013, Pakistan faced significant challenges, including the aftermath of the war against terrorism, extensive load shedding of electricity, and scarcity of natural gas.

The situation had been exacerbated by previous administrations, with the load-shedding crisis attributed to former military dictator Musharraf's neglect of power infrastructure.

Sharif's government tackled these challenges head-on.

By 2018, the load shedding of electricity and gas had significantly reduced, and the gang war in Karachi was effectively addressed.

Additionally, Sharif's administration completed the long-pending census, resolved the FATA and PATA inclusion issue in KPK province, and achieved remarkable progress in infrastructure development.

Among the economic milestones, PML-N added over 10,000 km of motorways, introduced 11,500 MW of electricity to the national grid through diverse sources, and played a pivotal role in advancing the China-Pakistan Economic Corridor (CPEC) — a major component of China's One Belt One Road initiative.

Despite these accomplishments, the subsequent change in government slowed down CPEC's progress.

Election manifesto

He recently unveiled his election manifesto, which pledges to tackle inflation, boost trade through exports, and foster peaceful relations with neighbouring countries as the nation prepares for the polls scheduled for 8 February.

It vows to bring down inflation to a single-digit figure within one year. Over five years, the goal is to significantly reduce inflation to 4-5%. The manifesto also outlines plans to elevate Pakistan's annual exports to $60bn within five years and boost workers' remittances to $40bn annually.

In terms of economic policies, the PML-N commits to aligning public wages with inflation and achieving a GDP growth target of 6.0 plus within three years of assuming government responsibilities.

It also pledges to reduce electricity bills by 20-30%, generating an additional 15,000 megawatts and providing subsidies to farmers and the underprivileged.

Regarding international relations, the PML-N pledges to strengthen ties with China and advance the next phase of the multi-billion economic corridor with Beijing.

The manifesto asserts a firm stance on India, stating that the normalisation of ties cannot occur until New Delhi reverses the unilateral measures taken on 5 August 2019.

In conclusion, Sharif's vision for economic ascendancy in Asia goes beyond campaign promises; it is anchored in a track record of achievements and a commitment to addressing Pakistan's challenges.