Challenges for cash-strapped Pakistan


Apr 9, 2022: Prime Minister Imran Khan (right) is ousted from power after losing no-confidence vote. Pakistan’s central bank hikes interest rate to 12.25%

Apr 11: Shehbaz Sharif, leader of Pakistan Muslim League-Nawaz (PML-N) sworn in as PM

Oct 21: Cricketing legend Khan convicted on corruption charges for selling gifts he received as PM – barred from public office for five years

Nov 29: PM Sharif picks Gen. Asim Munir as chief of Pakistan army. Khan condemns army’s role in destabilising his government

Feb 2, 2023: Central bank reports foreign exchange reserves have dropped 16.1% to US$3.09 billion – lowest in nearly 10 years

May 9: Khan is arrested by paramilitary troops at High Court in Islamabad. Violent protests lead to several deaths

Jun 9: GDP growth for 2022–23 financial year crashes to just 0.3%

Jun 26: Pakistan’s economy is on verge of default. Central bank raises benchmark interest rate to 22%

Jun 30: International Monetary Fund agrees nine-month $3 billion Stand-By Arrangement

Aug 12: Caretaker cabinet under interim Prime Minister Anwaar-ul- Haq Kakar sworn in to run Pakistan until elections

Oct 21: Three-time Pakistan prime minister Nawaz Sharif (below) returns from self-imposed exile in UK
   
Oct 24: Islamabad High Court grants bail to Sharif in two corruption cases dating from 2017
   
Jan 8, 2024: Supreme Court overturns Nawaz Sharif’s conviction and sentences, allowing him to seek fourth term in office
  
Feb 8: Elections result in hung National Assembly when no party secures 134 seats needed for simple majority government
    
Feb 21: PMLN and PPP agree to share power. PML-N’s Shahbaz Sharif (below left) – younger brother of Nawaz – set for second term as PM while PPP’s Asif Ali Zardari (below right) will be coalition’s candidate for president
            
    
Sources: Dawn, Financial Times, Reuters, Times of India 
Pictures: Getty Images 
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