Once the most popular political force in Pakistan, the Pakistan People’s Party (PPP) has made history in the General Elections 2013 by almost being history itself. For the first time in the country’s history, PPP does not find itself amongst the top-two parties in terms of number of votes secured.
Among the promises made by PML-N in its manifesto to revive the economy, keeping the interest rates and inflation in check are the ones that seem to have most appealed to treasury market participants. The turnaround in market behaviour in the recent T-bills auctions speaks volumes for what they expect out of the newly elected government.
April saw Pakistan’s current account balance improve by about 36 percent month-on-month. Figures for 10 months ending April 2013 also show a betterment of nearly 60 percent. Yet, questions loom large about the quality of this improvement.
Now that the frantic election week is almost over, the real test of the winners lies ahead. All eyes are docked to a major plight of the masses - five years of severe energy torture, and the magnanimous hopes pinned on the new leadership.
The historic voter turnout, street agitation following the polls and politically charged social media presence of Pakistani youngsters online, all highlight that the youth of this nation are growing restless.
With a lot thrashed out about issues like energy, fiscal anomalies, inflation and infrastructure, human dimensions to development such as health, food security, good governance which are in fact more important to masses in Pakistan, barely receive anyones attention.