Global RiskNews Briefs

Pakistan’s Shehbaz Sharif Becomes Prime Minister

On Monday, Shehbaz Sharif became the prime minister of Pakistan after a vote in the Parliament. Mr. Sharif will face difficulties at the very beginning of his term, such as high levels of political polarization and a deteriorating economy. Mr. Sharif has been the junior political partner to his older brother, Nawaz Sharif, for years and is now getting his chance at the top job. Mr. Nawaz Sharif is a three-time prime minister who is considered to be very charismatic, while his younger brother is viewed as a capable administrator who is responsible for running Punjab.

On Monday, the local stock market and Pakistani rupee saw an increase as the markets embraced some refreshing certainty over the country’s future government. The opposition party successfully ousted Imran Khan as prime minister on Sunday through a no-confidence vote in Parliament. The vote was fought by Mr. Khan and his allies, who spent the day attempting to block the motion to no avail. Mr. Sharif will likely only be prime minister for a short period of time, as the opposition will likely seek to hold elections quickly and avoid inheriting blame for an economy that is experiencing record inflation.

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