• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
PoliticsPakistan

Asia’s fastest inflation just got a political crisis as Pakistan’s middle class throws majority to jailed Imran Khan’s party

By
Eltaf Najafizada
Eltaf Najafizada
,
Ismail Dilawar
Ismail Dilawar
and
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Eltaf Najafizada
Eltaf Najafizada
,
Ismail Dilawar
Ismail Dilawar
and
Bloomberg
Bloomberg
Down Arrow Button Icon
February 11, 2024, 12:49 PM ET
Supporters of Imran Khan's Pakistan Tehreek-e-Insaf party
Supporters of Khan's Pakistan Tehreek-e-Insaf (PTI) party protest against the alleged skewing in Pakistan's national election results, in Karachi on February 11, 2024. Asif Hassan—AFP/Getty Images

Imran Khan’s supporters demonstrated in key cities across Pakistan as two rival parties held talks to form a government even though Khan loyalists won the most seats in Thursday’s polls.

Recommended Video

Supporters of Khan’s Pakistan Tehreek-e-Insaf party staged protests in the cities of Islamabad, Lahore and Peshawar. The crowds numbered in the hundreds due to the heavy police presence, small when compared to previous demonstrations. Several were arrested.

PTI Chairman Gohar Ali Khan asked supporters to stage peaceful protests at election offices, saying polling was manipulated and the Election Commission of Pakistan should stop vote rigging — allegations it has denied. PTI supporters should now “exercise their constitutional, democratic and political right to peaceful protest to protect the mandate of the people,” he said in a post on X.

The protests up the tempo after an already contentious election, which saw Khan’s candidates, forced to run as independents, shock observers by clinching the most seats but falling short of a majority. The victory showed Pakistan’s young voters and the middle class were disillusioned with the status quo of political parties backed by the Sharif and Bhutto clans and voted in numbers for an alternative.

Analysts say the nation’s powerful military, which has clashed with Khan, is backing a government formed by the Nawaz Sharif’s Pakistan Muslim League-Nawaz and Bilawal Bhutto Zardari’s Pakistan Peoples Party. Sharif’s party failed to reach an agreement on forming a government with Bhutto Zardari’s group in initial talks Saturday but forged a working pact with a secular-based party known as Muttahida Qaumi Movement-Pakistan from the commercial capital of Karachi.

The independents’ strong performance points to Khan’s enduring popularity among the nation’s 129 million registered voters, many of whom are struggling to make ends meet amid the fastest inflation in Asia. 

“If the military establishment and the rest of politicians join hands and refuse the transfer of power then the anger will boil over to the streets,” said Sarwar Bari, Islamabad-based political analyst and former head of Free and Fair Election Network. “The majority is with the PTI despite all the odds.”

There were reports of service on X, formerly known as Twitter, being suspended on Saturday with internet governance watchdog NetBlocks saying it was a nationwide disruption. Police in Islamabad, the country’s capital, warned protesters against gathering around election commission offices and other public institutions on Sunday.

The military, widely believed by analysts to have given its blessing for Sharif, 74, or his brother Shehbaz, 72, to lead the government, appealed for unity. “It is now incumbent upon all political parties to reciprocate the same with political maturity and unity,” Army Chief Asim Munir said in a statement on Saturday. 

The army has ruled Pakistan directly and behind the scenes for most the country’s modern history but recently said it will no longer be involved in politics. Khan has said the generals conspired with other political parties to oust him from power in April 2022 and it was responsible for the crackdown against him and his group, allegations the military have repeatedly denied. 

The growing risk of violence and uncertainty in forming a government would weigh on an economy already challenged on several fronts. Inflation is running at 28% and the latest International Monetary Fund bailout program is set to expire in March, suggesting the next leader will have to negotiate a new deal.

“Irregularities and a delay in election results could start a legal battle and this situation can also jeopardize the economic outlook in the short run,” said Adnan Khan, head of international sales at Intermarket Securities Ltd. “It seems the new government would be a weak coalition who needs to deal with the IMF.”

Competing Claims

Both Khan, 71, and Nawaz Sharif claimed victory on Friday night: the ex-cricker star Khan doing so in an AI-generated voice message to his followers posted on social media, the veteran politician to a cheering crowd in his family stronghold of Lahore. Their victory speeches came more than a day after Thursday’s elections, which was marred by a suspension of mobile phone services, security forces clashing with suspected militants, and long delays in releasing the results. 

Bhutto Zardari, 35, the son of assassinated leader Benazir Bhutto and a candidate for prime minister, told local television that his party would be a kingmaker. “No one can form government without us,” he said on local television. 

Khan’s party leaders have said PTI supporters account for about 95 to 97 out of the 101 seats won by independent candidates and they are confident in retaining these politicians’ loyalty. But analysts say they could be vulnerable to poaching from other parties. Sharif’s party controls 75 seats and the Bhutto Zardaris have 54. There are five more seats yet to be announced and the election for one constituency has been delayed.

A coalition would need 133 out of the 265 lower house seats that were contested to get a majority. Khan’s independent candidates will now need to join a political party if they want a shot at forming a government. Khan, in prison, is unlikely to be able take part in politics himself. He still faces more than 170 charges, which he says are politically motivated.

The US, UK and the European Union have expressed concerns about polling irregularities. Pakistan’s foreign ministry said their statements and many others ignore the fact that elections were held peacefully. 

“We are surprised by the negative tone of some of these statements, which neither take into account the complexity of the electoral process, nor acknowledge the free and enthusiastic exercise of the right to vote by tens of millions of Pakistanis,” the ministry said. 

Join us at the Fortune Workplace Innovation Summit May 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.
About the Authors
By Eltaf Najafizada
See full bioRight Arrow Button Icon
By Ismail Dilawar
See full bioRight Arrow Button Icon
By Bloomberg
See full bioRight Arrow Button Icon

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Leadership
  • Success
  • Tech
  • Asia
  • Europe
  • Environment
  • Fortune Crypto
  • Health
  • Retail
  • Lifestyle
  • Politics
  • Newsletters
  • Magazine
  • Features
  • Commentary
  • Mpw
  • CEO Initiative
  • Conferences
  • Personal Finance
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Most Popular

placeholder alt text
North America
'I meant what I said in Davos': Carney says he really is planning a Canada split with the U.S. along with 12 new trade deals
By Rob Gillies and The Associated PressJanuary 28, 2026
18 hours ago
placeholder alt text
C-Suite
Fortune 500 CEOs are no longer giving employees an A for effort. Now they want proof of impact
By Claire ZillmanJanuary 28, 2026
1 day ago
placeholder alt text
Real Estate
Ryan Serhant thinks the American Dream was just a 'slogan created by banks,' but it was really about FDR, the Great Depression, and an economic crisis
By Sydney Lake and Nick LichtenbergJanuary 26, 2026
3 days ago
placeholder alt text
Commentary
Yes, you're getting a bigger tax refund. Your kids won't thank you for the $3 trillion it's adding to the deficit
By Daniel BunnJanuary 26, 2026
3 days ago
placeholder alt text
Personal Finance
Current price of silver as of Tuesday, January 27, 2026
By Joseph HostetlerJanuary 27, 2026
2 days ago
placeholder alt text
Success
As AI wipes out desk jobs, Citigroup CEO Jane Fraser says the company is training 175,000 employees to ‘reinvent themselves’ before their roles change forever
By Emma BurleighJanuary 27, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.


Latest in Politics

BankingDonald Trump
JPMorgan, BofA will match the $1,000 ‘Trump Accounts’ for employees’ children. Here’s how to open an account
By Sydney LakeJanuary 28, 2026
10 hours ago
Fed Chair Jerome Powell stands at podium and talks
PoliticsFederal Reserve
Jerome Powell says Fed independence isn’t lost … yet. ‘I certainly hope we won’t’ lose it
By Jake AngeloJanuary 28, 2026
12 hours ago
troops
PoliticsTaxes
The American taxpayer spent nearly half a billion dollars deploying federal troops to U.S. cities in 2025, CBO finds
By Nick LichtenbergJanuary 28, 2026
12 hours ago
bessent
InvestingMarkets
Scott Bessent on the 39% of young Americans thinking favorably of socialism: They’re just not invested in the stock market
By Nick LichtenbergJanuary 28, 2026
14 hours ago
Federal Reserve Chairman Jerome Powell walks between meetings at the Fed on January 13, 2026 in Washington, DC.
BankingFederal Reserve
Fed holds rates at an unusual moment: Stocks at record highs, dollar under pressure, and Powell in the crosshairs
By Eva RoytburgJanuary 28, 2026
14 hours ago
Sam Altman stands.
AIOpenAI
Sam Altman reportedly says ICE ‘is going too far’ while praising Trump as CEOs toe the line with Minneapolis shootings response
By Jacqueline MunisJanuary 28, 2026
14 hours ago