[Asia Economy Reporter Kim Hyunjung] Shehbaz Sharif, the newly appointed Prime Minister of Pakistan, is expected to pursue balanced diplomacy between the United States and China. It is anticipated that he will work on rebuilding the troubled Chinese "Belt and Road Initiative (一帶一路)" project while also repairing Pakistan's damaged diplomatic relations with the U.S.
On the 11th (local time), Bloomberg News reported that after former Prime Minister Imran Khan was removed through a no-confidence vote, Sharif, who was elected as the new Prime Minister, proposed populist measures in his first speech after election to expedite the development of key projects under China's economic and trade strategy, the Belt and Road Initiative.
At this event, he announced plans to stimulate investment to boost Pakistan's economy, which is under pressure from declining foreign exchange reserves and a weakening rupee, including raising the minimum wage and civil servant pensions. After the general election, he told members of parliament, "Rome was not built in a day," and stated, "Through excellent policies, I will make Pakistan an investment paradise." The news agency viewed these plans as a cornerstone for advancing the Belt and Road Initiative projects.
Before Imran Khan's administration in 2018, Sharif had also taken an active stance on the China-Pakistan Economic Corridor (CPEC), a part of the Belt and Road Initiative. At that time, he expressed his intention to "develop CPEC rapidly" and referred to China as an "all-weather friend."
The news agency quoted parliamentary reactions describing the new Prime Minister Sharif as "a skilled person who maintains balanced relations between the U.S., China, Russia, or the Pakistan military." Former financial advisor Miftah Ismail, who worked with Sharif in the past, explained, "He seeks friendly relations with all countries."
Addressing supporters of former Prime Minister Khan, who was criticized as a "pro-China" figure and accused of being a puppet of the U.S., Sharif made it clear on the 2nd that "true independence comes from self-reliance," emphasizing the importance of friendly relations with the U.S. for Pakistan's economy. In an interview with local media at the time, he stressed, "The concept of sovereignty cannot be achieved without 'blood, sweat, and tears,' and without economic sovereignty, it is incomplete."
Sharif, a wealthy individual from Lahore, the capital of Punjab province, and from a prominent political family, is the younger brother of former Prime Minister Nawaz Sharif, who served three terms. He has served as the Chief Minister of Punjab, Pakistan's most populous province, three times and has been the president of the Pakistan Muslim League-Nawaz (PML-N) since March 2018, succeeding his brother.
Meanwhile, no prime minister in Pakistan has completed a full five-year term so far, and Imran Khan was the first to leave office due to a no-confidence vote. Sharif is expected to serve as prime minister until around August next year, when the next general election is scheduled, though some speculate that Sharif may call for an early election.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
