Pakistan PM steps down as ruling party president, Nawaz Sharif poised to take charge 

This handout photograph taken and released on March 3, 2024 by the Pakistan National Assembly, shows Pakistan's former Prime Minister Nawaz Sharif (L) and leader of the Pakistan Muslim League (PML-N) party greeting his younger brother and newly-elected Pakistan's Prime Minister Shehbaz Sharif (R) at the Parliament House in Islamabad. (AFP/File)
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Updated 13 May 2024
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Pakistan PM steps down as ruling party president, Nawaz Sharif poised to take charge 

  • Nawaz, who founded the Pakistan Muslim League-Nawaz in 1993, stepped down as president in 2018 
  • Supreme Court had ruled individuals disqualified under Articles 62/63 of constitution couldn’t head party

ISLAMABAD: Prime Minister Shehbaz Sharif has resigned as president of the ruling Pakistan Muslim League-Nawaz (PML-N), saying it was time for his elder brother and three-time former premier Nawaz Sharif to “resume his rightful place” as the party’s leader, the PML-N confirmed on Monday. 

Nawaz, who founded the PML-N in 1993, stepped down as its president in 2018 after the Supreme Court (SC) ruled that an individual disqualified under Articles 62 and 63 of the constitution, which outline the rules for qualification and disqualification for parliamentarians, could not serve as the head of a political party. 

Sharif was disqualified as prime minister by the Supreme Court in July 2017, which declared him “dishonest” for not disclosing a separate monthly income from a company owned by his son. The court also ordered the National Accountability Bureau (NAB) to open a criminal trial into the ownership of London flats and several other revelations about the ex-PM’s family wealth disclosed in the Panama Papers’ leaks. 

A year later, following the investigations ordered by the court, Nawaz was sentenced to 10 years in prison for corrupt practices linked to his family’s purchase of the upscale London flat and subsequently to seven years in jail in a separate case for being unable to prove the source of income that had led to his ownership of a steel mill in Saudi Arabia. Nawaz has since been acquitted in both cases, which he always maintained were politically motivated. 

Sharif, who is Nawaz’s younger brother, subsequently became president of the party but has always maintained it was a temporary arrangement until his brother was exonerated by the courts. 

On Monday, PML-N information secretary and Senior Punjab Minister Marriyum Aurangzeb shared Sharif’s resignation on X.

“I am heartened by recent developments that have exonerated our leader with dignity, affirming his unblemished integrity and commitment to the service of our nation,” Sharif wrote. 

“Therefore, it is with a deep sense of duty and reverence for our party’s principles that I tender my resignation as the president of PML-N,” he added, pledging to support the PML-N with “unwavering loyalty” under Nawaz. “The time has come for Mohammad Nawaz Sharif to resume his rightful place as the president of the PML-N.”

After being jailed in 2018, Nawaz flew to London in 2019 after a court allowed him to leave for medical treatment, on the condition he returned when fit. However, he went into exile and ran his party affairs from London, while former cricketer Imran Khan ruled as prime minister until April 2022, when he was ousted in a parliamentary vote of no confidence. 

Nawaz’s younger brother, Shehbaz Sharif, subsequently became prime minister for 16 months ahead of general elections on Feb. 8 after which Sharif once again came to power in March and became premier, ruling Pakistan through a fragile coalition with smaller parties. 


Pakistan signals commitment to regulate digital assets in meeting with Binance leadership

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Pakistan signals commitment to regulate digital assets in meeting with Binance leadership

  • Binance delegation led by CEO Richard Teng meets Pakistan’s prime minister, army chief in Islamabad
  • Pakistan has attempted to tap into growing crypto market to curb illicit transactions, improve oversight

ISLAMABAD: Pakistan’s government has signaled its “strong commitment” to digital asset regulation as the country’s senior officials met the leadership of Binance, one of the world’s most prominent global cryptocurrency exchanges, the Prime Minister’s Office (PMO) said on Saturday. 

The Binance team, led by its Chief Executive Officer Richard Teng, is in Pakistan and has held meetings with Finance Minister Muhammad Aurangzeb, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib and senior Pakistani bank officials this week. 

Pakistan has been attempting 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.

“Binance senior leadership visits Pakistan as government signals strong commitment to digital asset regulation,” the PMO said. 

A Binance delegation led by Teng met Chief of Army Staff and Chief of Defense Forces Field Marshal Syed Asim Munir in Islamabad. 

Saqib also attended the meeting and gave the Binance team a briefing about his organization.

Pakistan has attempted in recent months to tap into the country’s growing crypto market, 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.