ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday congratulated his coalition partner Asif Ali Zardari for being elected as the country’s president for the second time after he secured 411 votes in the indirect electoral contest held in Pakistan’s parliament and provincial assemblies while his rival Mahmood Khan Achakzai could only bag 181 votes.
Zardari was nominated for the post by the ruling coalition led by Prime Minister Shehbaz Sharif. He was contesting against Mahmood Khan Achakzai, backed by the supporters of Pakistan’s incarcerated former prime minister Imran Khan.
Lawmakers started arriving in the national and provincial legislatures in the morning, as polling began at 10am and continued until 4pm.
Announcing the total number of votes bagged by the two candidates, the Election Commission of Pakistan (ECP) said the official result “shall be prepared and forwarded to the federal government tomorrow after receipt of original record from the Presiding Officers, for issuance of formal notification by the federal government.”
Soon after the development, PM Sharif issued a statement, saying Zardari’s victory had proved that all the four federating units in the country had expressed confidence in his leadership.
“President Asif Ali Zardari will be a symbol of the federation’s strength,” he said, adding that Zardari’s election reflected the continuity of democratic values in the country.
Sharif said he was optimistic that Zardari would do everything to fulfill his constitutional responsibilities as president.
He noted the allied parties would work together for the development and prosperity of the country.
Zardari’s opposing candidate, Achakzai, also congratulated him on winning the presidential election, though he said the country’s political elite was going to face major challenges in the coming days.
“Our real test is about to begin now,” he said while addressing journalists in front of the parliament building.
Achakzai mentioned the volatility of the global and regional situation, saying: “This all needs a consensus.”
During his last tenure as president from 2008 to 2013, Zardari ushered in constitutional reforms, including the 18th amendment, to ensure larger autonomy to provinces, and rolled back presidential powers.
On Friday, his predecessor Arif Alvi was accorded a farewell guard of honor. Alvi’s five-year term ended in September last year, but in Pakistan, a president may continue to stay in office constitutionally until his successor is elected.
The tenure of Alvi, who took oath on Sept. 9, 2018 after ex-PM Khan’s Pakistan Tehreek-e-Insaf (PTI) party came to power in election held the same year, was marked by political instability and civil-military tensions, and saw the ouster of Khan in a parliamentary no-trust vote in April 2022.
Besides political instability, an economic crisis gripped Pakistan during this period, with the South Asian country barely averting a default in June last year by securing a $3 billion bailout deal from the International Monetary Fund (IMF).
Political analysts said that Zardari could help bring down political temperatures in the country by developing a larger political consensus among parliamentary parties, including the PTI.
“Asif Ali Zardari has successfully built bridges between among political parties, except for the PTI, ahead of his election for the presidency and in next phase he may also take along the PTI to end polarization in the country,” Zaigham Khan, a senior analyst, told Arab News.
He said the PTI had fallen out of favor since its founding leader and ex-premier Khan was embroiled in a “direct confrontation” with the country’s powerful military establishment after the May 9 violence, though Zardari had the ability to facilitate a rapprochement.
Tahir Malik, a professor at the National University of Modern Languages in Islamabad, said Zardari was known for his legacy of political reconciliation and could take the opposition parties along, adding his role in the restoration of political stability in the country was going to be “crucial” in the coming days.
“The president can help create a conducive environment for political dialogue,” he told Arab News. “Otherwise, the office of the president is ceremonial with no authority or powers. Asif Ali Zardari, I guess, would love to play this role.”
Pakistan PM congratulates Asif Ali Zardari on re-election as president with thumping majority
https://arab.news/jkxyp
Pakistan PM congratulates Asif Ali Zardari on re-election as president with thumping majority
- Zardari’s opposing candidate, Mahmood Khan Achakzai, felicitates him over victory, says ‘our real test is about to begin now’
- Political analysts said Zardari can help create conducive environment for political dialogue to restore stability in the country
Pakistan, global crypto exchange discuss modernizing digital payments, creating job prospects
- Pakistani officials, Binance team discuss coordination between Islamabad, local banks and global exchanges
- Pakistan has attempted to tap into growing crypto market to curb illicit transactions, improve oversight
ISLAMABAD: Pakistan’s finance officials and the team of a global cryptocurrency exchange on Friday held discussions aimed at modernizing the country’s digital payments system and building local talent pipelines to meet rising demand for blockchain and Web3 skills, the finance ministry said.
The development took place during a high-level meeting between Finance Minister Muhammad Aurangzeb, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib, domestic bank presidents and a Binance team led by Global CEO Richard Teng. The meeting was held to advance work on Pakistan’s National Digital Asset Framework, a regulatory setup to govern Pakistan’s digital assets.
Pakistan has been moving to regulate its fast-growing crypto and digital assets market by bringing virtual asset service providers (VASPs) under a formal licensing regime. Officials say the push is aimed at curbing illicit transactions, improving oversight, and encouraging innovation in blockchain-based financial services.
“Participants reviewed opportunities to modernize Pakistan’s digital payments landscape, noting that blockchain-based systems could significantly reduce costs from the country’s $38 billion annual remittance flows,” the finance ministry said in a statement.
“Discussions also emphasized building local talent pipelines to meet rising global demand for blockchain and Web3 skills, creating high-value employment prospects for Pakistani youth.”
Blockchain is a type of digital database that is shared, transparent and tamper-resistant. Instead of being stored on one computer, the data is kept on a distributed network of computers, making it very hard to alter or hack.
Web3 refers to the next generation of the Internet built using blockchain, focusing on giving users more control over their data, identity and digital assets rather than big tech companies controlling it.
Participants of the meeting also discussed sovereign debt tokenization, which is the process of converting a country’s debt such as government bonds, into digital tokens on a blockchain, the ministry said.
Aurangzeb called for close coordination between the government, domestic banks and global exchanges to modernize Pakistan’s payment landscape.
Participants of the meeting also discussed considering a “time-bound amnesty” to encourage users to move assets onto regulated platforms, stressing the need for stronger verifications and a risk-mitigation system.
Pakistan has attempted in recent months to tap into the country’s growing crypto market, crack down on money laundering and terror financing, and promote responsible innovation — a move analysts say could bring an estimated $25 billion in virtual assets into the tax net.
In September, Islamabad invited international crypto exchanges and other VASPs to apply for licenses to operate in the country, a step aimed at formalizing and regulating its fast-growing digital market.
