A Bloomberg story.

Former cricket star Imran Khan declared victory in Pakistan’s election, boosting stocks as investors bet he’d be able to form a stable government that could address the nation’s financial woes after a vote tarred by rigging allegations.

Khan’s Pakistan Tehreek-e-Insaf, or Movement for Justice, said it has emerged as the single largest party and can form the federal government, Naeem ul Haq, a PTI leader told reporters on Thursday in Islamabad as long-delayed counting continued. An unofficial tally from Dawn newspaper showed the PTI leading in 119 seats, shy of the 137 needed to clinch a majority, though only 49 percent of the vote has been counted. Jailed former premier Nawaz Sharif’s Pakistan Muslim League-Nawaz trailed with 61 seats and the Pakistan Peoples Party led in 40, with the other rest split among smaller parties.

Pakistan’s next leader will urgently need to deal with a mounting economic crisis: four currency devaluations since December have made it likely the next government will seek another International Monetary Fund bailout. Pakistan’s benchmark stock index rose as much as 1.9 percent, poised for the highest since June 21.

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