- Govt in talks with provinces to continue subsidies in key sectors: PM
- Says Pakistan’s weekly oil import bill rose from $300m to $800m.
- Says Pakistan made sincere efforts for peace and regional stability.
Prime Minister Shehbaz Sharif said the ongoing conflict in the Middle East has dealt a serious blow to Pakistan’s economic progress made over the past two years.
Addressing a federal cabinet meeting on Wednesday, the premier said that the conflict has triggered a sharp rise in global oil prices, creating an extraordinary situation in international markets. He added that Brent crude prices have surged to $114.64 per barrel.
The conflict began on February 28 when the United States and Israel attacked Iran, leading to instability across the Middle East, disrupting energy markets and pushing global oil prices upward.
PM Shehbaz said that Pakistan’s weekly oil import bill has increased from $300 million before the conflict to $800 million. He added that rising global prices are affecting ongoing efforts to stabilise the economy.
He further said that a task force is monitoring the situation on a daily basis, while consultations with provincial governments are also underway to continue subsidies in public transport and other sectors.
Collective efforts, he said, are needed to tackle the challenges, urging that work must continue day and night to overcome the situation.
The prime minister said Pakistan has repaid $3.5 billion in external debt and expressed gratitude for the support of the Saudi leadership in helping the country manage economic challenges.
Speaking on Pakistan’s efforts for peace in the region, PM Shehbaz said that Islamabad made sincere efforts to promote regional stability. He said that talks between Iran and the US began in Islamabad on April 11 and continued for 21 hours, adding that a ceasefire between the two sides is currently holding.
“Iran’s Foreign Minister Abbas Araghchi arrived in Pakistan with his team for the second phase of the negotiations. Important meetings were held with them. Before the Iranian foreign minister visited Russia, I spoke with him on the phone, in which he assured me that all his meetings in Oman were held with sincerity of intent, and after consultation with his leadership, Insha’Allah, he will give a positive response soon.”
The premier also expressed hope that the conflict would end soon and that a lasting peace would be established in the region.
He also appreciated the efforts of Interior Minister Mohsin Naqvi for supporting the peace process.
