Pakistan PM Resignation Risks Deteriorating Country’s Economic Development

Prime Minister of Pakistan Nawaz Sharif’s resignation following a decision by the country's Supreme Court to disqualify him from the office may set back the country’s attempts to revive the economy and stable development, member of the National Assembly of Pakistan Mian Abdul Mannan told Sputnik on Friday.

MOSCOW (Sputnik) — The Friday ruling to disqualify the Prime Minister came after a probe into Sharif’s family's wealth in the wake of the leaked 2016 Panama Papers, which linked his children to offshore firms.

"Of course, we respect the court but concerning the recent developments, it is extraordinary hardship for the whole nation. I mean, it will be a setback for Pakistan because the country was coming on the way of progress and economic recovery," Mannan said.

Pakistan has been on a road to economic recovery since the crisis in 2013. In 2016, the economy showed a better than expected performance with five percent growth. Besides, China continues to invest in Pakistan and is financing over $50 billion in the infrastructure projects under the China-Pakistan Economic Corridor (CPEC), which improves economic conditions and bringing more jobs opportunities to the country.

Sharif became the second Prime Minister to lose his post over his links to the Panama Papers. Last year, Prime Minister of Iceland Sigmundur David Gunnlaugsson was forced to resign shortly after his wife's links to an offshore company was revealed as part of the Panama papers case.

The Panama Papers leaked in April 2016 revealed that Sharif's two sons and daughter owned at least three offshore companies registered on the British Virgin Islands. In April 2017, a commission comprising five judges from the Supreme Court decided to establish a special commission to investigate the case further, as there was no sufficient evidence to remove Sharif from office.