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In a groundbreaking development poised to resolve the political ambiguity in Pakistan, the Pakistan Muslim League-Nawaz and the Pakistan Peoples Party have brokered a power-sharing agreement after arduous negotiations following a fractured electoral outcome.

During a joint press briefing held late Tuesday night at Zardari House in Islamabad, Chairman Bilawal Bhutto-Zardari of the Pakistan Peoples Party (PPP) disclosed that Shehbaz Sharif, aged 72 and president of the Pakistan Muslim League-Nawaz (PML-N), is slated to reassume the role of prime minister.

Similarly, Asif Ali Zardari, aged 68 and co-chairman of PPP, emerges as the consensus candidate for the presidential position. Bilawal, without divulging the exact count of lawmakers post the February 8 elections, asserted, “The PPP and PML-N have secured the necessary numerical strength, enabling us to establish the government.”

To secure a government, a political faction must secure 133 out of 265 contested seats in the 266-member National Assembly. Bilawal expressed optimism that news of the political alliance between PPP and PML-N would elicit a positive market response, particularly as the economically strapped country faced a hung Parliament post-elections.

In a surprising move last week, the PML-N announced that its leader, Nawaz Sharif, had nominated his younger brother Shehbaz as the prime ministerial candidate. Despite Nawaz’s initial confidence in securing a fourth term, the party fell short of winning enough seats for an independent government.

Independent candidates, largely supported by Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party, secured 93 National Assembly seats. PML-N won 75 seats, and PPP came in third with 54 seats. Acknowledging the unity between the two parties, Shehbaz, a former prime minister, emphasized their readiness to form the central government.

Expressing gratitude to the PTI-backed candidates, Shehbaz acknowledged their inability to muster adequate numbers. The coalition government, comprising PML-N, PPP, MQM-P, Istehkam-e-Pakistan Party, and PML-Quaid, vows to revitalize the nation’s economy and combat terrorism.

Highlighting the importance of the previous unity during the 16-month government, Shehbaz asserted their commitment to addressing the concerns of the Pakistani populace. Specifics regarding portfolios were not disclosed, but it was indicated that PPP may hold key positions in Punjab and Khyber-Pakhtunkhwa.

The newly formed alliance faced criticism from Imran Khan’s party, terming it “PDM 2.0 = #MandateThieves.” The agreement materialized after inconclusive talks between the two parties’ leaders, with Shehbaz acknowledging the challenging journey ahead for the new government.

Zardari, who served as president from 2008 to 2013, characterized the political alliance’s struggle as pivotal for the country’s future. The controversial February 8 elections, marred by allegations of widespread rigging, prompted strong condemnation from Imran Khan, who labeled them the “mother of all rigging.” Aleema Khan, Imran Khan’s sister, conveyed his disapproval of the suspension of internet services, which he claimed was used to manipulate the actual results.