ISLAMABAD: The government is set to unveil a national austerity plan today in response to the fuel crisis and rising economic pressures caused by escalating tensions in the Middle East.
Prime Minister Shehbaz Sharif chaired a high-level meeting in Lahore on Sunday to review the economic situation and possible measures aimed at stabilising the country’s economy.
Steps to Protect the Economy
During the meeting, the prime minister said timely and decisive steps are necessary to ensure economic stability amid the evolving international situation following the US-Israel strikes on Iran and subsequent regional tensions.
Officials informed the meeting that the ongoing conflict could affect Pakistan’s economy through disruptions in energy supplies and fluctuations in global commodity prices.
The government, however, said precautionary measures were already being taken to minimise the impact on the national economy.
Simplicity and Spending Cuts
The premier directed the federal cabinet, elected representatives and senior officials at both federal and provincial levels to adopt austerity and ensure efficient use of national resources.
He stressed that ministers and government employees must adopt simplicity and austerity during the challenging economic period.
Shehbaz Sharif also called on wealthier segments of society to share the burden by voluntarily accepting adjustments.
“Once this difficult phase passes and the economy strengthens, the government will provide maximum possible relief to the public,” the prime minister said.
Industry and Agriculture Exempt
Officials said the proposed austerity measures will not apply to the industrial and agricultural sectors in order to protect production, exports and food security.
Fuel Supply and Monitoring
Authorities also informed the meeting that adequate reserves of petrol, diesel and other petroleum products are currently available in the country.
At the same time, officials emphasised the need for prudent energy management and careful fuel consumption.
The Ministry of IT will introduce a monitoring system to track fuel demand and supply in real time to improve energy management.
Key Participants
The meeting was attended by several senior officials including:
Ishaq Dar – Deputy Prime Minister
Muhammad Aurangzeb – Finance Minister
Ahsan Iqbal – Planning Minister
Chief secretaries of the four provinces also briefed the prime minister on economic activity, energy consumption and administrative preparedness.
