Pakistan celebrates Independence Day amid political, economic crises

By Aamir Latif

KARACHI, Pakistan (AA) – Pakistan celebrated its 78th independence day on Wednesday amid a lingering political crisis that has taken a toll on its already struggling economy.

Rallies, fireworks and flag-hoisting and changing of the guard ceremonies were held across the country to mark the day.

President Asif Ali Zardari hoisted the national flag at a ceremony at the President’s House in the capital, Islamabad.

The main ceremony was held at the Pakistan Monument in the capital, where Prime Minister Shehbaz Sharif along with his Cabinet members hoisted the national flag, state-run Pakistan Television reported.

Similar ceremonies were held in all four provincial capitals, Pakistan-administered Kashmir and the northern Gilgit-Baltistan region.

The dawn broke with a 31-gun salute in Islamabad, accompanied by a 21-gun salute in the provincial capitals.

Traffic came to a halt across the country as sirens blared at 7.59 a.m. local time (0259GMT), followed by the singing of the national anthem.

Changing of the guard ceremonies were held at the mausoleum of the country's founding father Mohammad Ali Jinnah in the southern port city of Karachi, and national poet Allama Mohammad Iqbal in the northeastern city of Lahore.

Thousands of youths carrying green and white national flags took to the streets across the country Tuesday night to celebrate Independence Day.

-Mired in challenges

In their messages, Zardari and Sharif congratulated the nation on the independence day, vowing that Islamabad will continue to support the "just" struggle of Palestinians and Kashmiris.

Sharif is likely to unveil a five-year economic plan later in the day, which is aimed at devising the main principles for “real-time export-led growth” and removing decade-old economic bottlenecks.

The South Asian country, which along with neighboring India attained independence following the end of British colonial rule in the sub-continent in 1947, is mired in escalating tensions between the government and the opposition, with the latter accusing the country’s election commission of rigging in the February general elections and demanding fresh elections, which the former has rejected.

The military earlier this week arrested the former head of the country’s powerful spy agency, the Inter-Services Intelligence (ISI) Lt. Gen. (retd) Faiz Hameed, and initiated court martial proceedings against him.

It marks the first time that a former ISI chief has been arrested in the country's 77-year history.

In southwestern Balochistan and northwestern Khyber Pakhtunkhwa provinces, terrorism has reared its ugly head in recent months with frequent attacks on security forces.

The Sharif government is struggling to prop up an ailing economy, which has seen a surging cost-of-living crisis, skyrocketing inflation, increasing debts and a depreciation of foreign reserves.

Although the economy has shown signs of a recovery in the last year, which include a well-performing stock market and sustained currency worth against the US dollar, analysts nevertheless see the developments as "temporary" if the ongoing political instability continues.

“The economic and political challenges we are facing today are not new. They have been plaguing the country for the past few years,” said Hasan Askari, a Lahore-based political economist.

He was referring to the ongoing political crisis triggered by the ouster of imprisoned former Prime Minister Imran Khan through a no-confidence vote in April 2022.

“We have failed to manage the ongoing political polarization and the declining economy, which has resulted in stoking a sense of hopelessness among our youths, who make up 60% of our population,” Askari told Anadolu.

The latest surveys suggest that a large portion of the country’s youth want to fly abroad due to a bleak economic picture.

Islamabad is negotiating with the International Monetary Fund (IMF) to secure another $7 billion loan to prop up its tottering economy.

“If we want to restore hope among our youths, we have to manage the political crisis first, as it’s essential to revive the economy,” he said.

Partially supporting the argument, Shahid Hasan Siddiqui, a Karachi-based economist, observed that political stability is an important factor, but it's not a guarantee for a stable economy.

"There were times when the country was facing political upheavals but its economy was progressing," Siddiqui told Anadolu.

"It requires a right vision and short- and long-term structural reforms to put the country's teetering economy back on track," he said.