Sharif’s announcement came following the declaration of results for over three-quarters of the 265 seats, more than 24 hours after polling ended on Thursday amidst militant attacks claiming 28 lives.
Analysts had anticipated a lack of a clear winner, compounding the challenges for a nation grappling with economic turmoil and escalating militancy in a highly polarized political landscape.
Independent candidates, largely supported by Khan, secured the majority of seats with 98 out of 245 counted by 1830 GMT. Sharif’s Pakistan Muslim League-Nawaz (PML-N) won 69 seats while Bilawal Bhutto Zardari’s Pakistan People’s Party garnered 51.
In a speech to supporters in Lahore, Sharif emphasized his party’s position as the largest after the elections and expressed the commitment to steer the nation out of crisis. He extended respect to all parties and independents who secured mandates and invited them to collaborate in rebuilding the nation.
Contrarily, Khan’s Pakistan Tehreek-e-Insaf (PTI) released an audio-visual message via social media, disputing Sharif’s victory claim, congratulating his supporters, and urging them to safeguard their vote.
Khan, currently incarcerated, highlighted the massive voter turnout and dismissed Sharif’s assertion due to his party’s fewer seats and alleged electoral rigging.
With the delayed results, the formation of a new government faces uncertainties, exacerbating policy and political ambiguity amid challenging macroeconomic conditions, according to Moody’s Investors Service.
Analysts anticipate a coalition government to encounter difficulties, particularly in seeking a new IMF bailout, as the current arrangement nears expiration in three weeks.
The electoral contest was perceived as a showdown between Khan-backed candidates and PML-N, with Khan alleging military interference against his party while analysts suggest Sharif enjoys military support.
A coalition government is expected to struggle in addressing various challenges, including economic woes and security issues, potentially deepening instability in the country.