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The opposition has not yet sought a no-confidence vote against Gilani in parliament but analysts say that is the biggest worry for the government, struggling to revive a fragile economy and contain domestic Taliban militants.
Gilani’s government lost its parliamentary majority on Sunday after the Muttahida Qaumi Movement (MQM) announced it would go into opposition over government fuel price policies that it said were “unbearable” for Pakistanis.
The political upheaval comes at a time when the United States has increased pressure on Pakistan to go after Islamist militant groups to help it turn around the faltering war in Afghanistan.
It adds to the Pakistani government’s problems at home as it struggles to meet demands placed on it by the International Monetary Fund, including politically-sensitive tax reforms, in return for an $11 billion loan.
The country’s main stock index ended 1.44 percent, reflecting concerns over the stability of the government, traders said.
The fall in the Karachi Stock Exchange contrasted with a rise in stocks elsewhere in Asia. The MSCI index of Asian shares outside of Japan rose 0.9 percent on Monday, although several markets were closed for a holiday.
The MQM’s withdrawal means that if opposition parties close ranks, they would be able to force a no-confidence vote on Gilani in parliament.
“From this point onward, the government will be on crutches. The no-confidence vote is a threat for it.” said Ahmed Bilal Mehboob, executive director of the Pakistan Institute of Legislative Development and Transparency.
The MQM has not yet taken any decision on a vote in the government, party leader Faisal Subzwari told Reuters. The party said its senators had submitted a motion seeking a rollback of fuel price rises.
Since January 1, the petrol price has risen by 9 percent, adding to inflationary pressures in a country where frustrations are spreading over poverty, corruption and power cuts.
While anger over fuel prices was the immediate provocation, the MQM has also been complaining for months that the government was not doing enough to improve security in its home base of Karachi, Pakistan’s financial capital and biggest city.
Karachi’s so-called targeted killings, often blamed on supporters of the MQM and its rival party, the Awami National Party, have risen to their highest levels in 15 years.
Drive-by shootings, drug wars, extortion rackets and land grabbing are deepening chaos in Karachi, which officials say contributes 68 percent of the government’s total revenue and 25 percent of gross domestic product.
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