IK's arrest: days of future past.

The politics of vendetta came full circle when paramilitary forces stormed IHC to arrest former PM Imran Khan on May 9. And with this, PDM has demonstrated a preference for political retribution over allegiance to the nation and its citizens. The turn of events left thousands of PTI supporters disgruntled, manifesting their discontent through fervent street protests. As a result, sporadic outbursts of violence emerged nationwide, and clashes with law enforcers resulted in unfortunate fatalities.

Unwilling to succumb to public pressure, the government responded hastily by imposing a broadband internet and social media blackout in affected areas, alongside implementing Section 144 across multiple provinces and curbing the media from broadcasting protests. This not just violated the law and basic human rights, but also had disastrous effects that reverberated across multiple sectors. Telecommunication companies in particular incurred a revenue loss of around Rs2.46 billion, translating into a decrease of Rs861 million in tax revenue for the government. Despite the measures, continued escalation on the streets necessitated the deployment of army personnel in Islamabad, Punjab and K-P to control the ensuing chaos. The country was seen rapidly descending into civil unrest.

Being thrown back into the whirlwind of political uncertainty had a profound impact on the financial landscape in a relatively short time span. Gold prices skyrocketed to unprecedented levels while the rupee depreciated significantly, reaching new record lows. Remarkably, Khan's arrest coincided with a warning from Moody, cautioning Pakistan of the impending risk of default if the IMF bailout is not secured by June.

The army called the incident a 'black chapter' in the country's history, underscoring the severity of the situation, and unequivocally warning that any hostile actions directed towards law enforcement agencies will be met with resolute retaliation. To restore some semblance of balance, the Supreme Court jumped in as a saviour, providing temporary respite to the cornered tiger by terming his controversial arrest as illegal.

Don't be mistaken. We are indeed witnessing a repeat of history. Khan's fall from grace is yet another damning indictment of how political pawns are discarded by the establishment after their purpose is fulfilled. Other state actors are either playing auxiliary roles or remain mere onlookers. The only difference this time is that the...