PAKISTAN continued to witness tumultuous developments during the year 2024 but there are bright prospects for 2025 because of the far-reaching measures initiated by the incumbent Government to reform the economy and political processes aimed at national reconciliation and promoting regional peace and security. Therefore, people of Pakistan are entering the New Year with a hope for a better future both in terms of progress and prosperity and the much needed political stability.
No doubt, the year 2024 was an year of uncertainty and confusion as the general elections, which were held belatedly, failed to give the country the required political stability as the polls produced a hung parliament, forcing traditional rivals to join hands for the formation of a coalition government and the largest party in the National Assembly sitting on the opposition benches for leg-pulling of the rulers. However, it is also a fact that the controversial elections offered an opportunity to major parties to form the Government either at the centre or in provinces – PML(N) at the Centre and in Punjab; PPP in Sindh and Balochistan and PTI in the KP. The interesting arrangement had the potential to take the country forward if the parties decided to excel in performance and delivery but unfortunately they preferred indulging in confrontational politics. As has been the case in almost all general elections, allegations of rigging and manipulation of results gave birth to judicial interventions, agitation, long marches and sit-ins.
Some of the judicial verdicts made parliamentarians suspicious of the intentions of the judiciary and in retaliation the parliament passed a constitutional amendment and some laws to safeguard its interests and strengthen its role and powers. The year remained testing for the PTI whose founding Chairman is behind bars on charges of corruption but there was no dent in the overall popularity of the party. The much-hyped movement – do or die – fizzled out as it failed to realize the core objective of bringing IK out of Adiala Jail. However, better sense seems to have prevailed and the two sides are now engaged in a dialogue process. The success of the negotiations is not guaranteed because of a number of factors but the ice has finally melted raising hopes for a journey towards political stability, which remains one of the main concerns of the people of Pakistan.
The year also saw a surge in the menace of terrorism and involvement of the TTP, backed by Afghanistan, soured bilateral relations between Islamabad and Kabul. Pakistan was compelled to launch air strikes against terrorist hideouts in Afghanistan which ignited short-lived border clashes but thanks to the timely diplomatic engagement, the tension was contained. It is universally acknowledged – even by the staunch opponent of the Government Imran Khan – that economic indicators improved during the year 2024 due to the pragmatic policies of the incumbent Government and hard work of its economic managers. Price-hike had become number one issue in the country but at the end of the year the inflation rate fell to six year low, top leadership is pledging a reduction in the electricity tariff; stock exchange index crossed one hundred thousand mark for the first time in the history of the country; policy rate came down from 22 to 13% with hopes it will come down to single digit in the New Year; foreign exchange reserves have improved; remittances by overseas Pakistanis are peaking; current account is surplus; rupee is somewhat stable, tax collection is increasing rapidly, and the ongoing campaign is leading to a reduction in government expenses. Subject to political stability, continuation of policies and improvement in the security environment, people of Pakistan can expect relief in the New Year as trickledown effect of the process of reforms and increased investment.
