ISLAMABAD: Prime Minister Shehbaz Sharif has stated that the recent conflict in the Middle East has adversely affected Pakistan’s two years of collective economic efforts.
Addressing a federal cabinet meeting, the prime minister said Pakistan has consistently made sincere efforts to promote peace in the region.
He noted that talks between Iran and the United States reportedly continued for 21 hours, with a ceasefire currently in place.
He further said that Iranian Foreign Minister Abbas Araghchi also visited Oman and Russia, adding that he would respond after consultations with his leadership.
The prime minister remarked that the conflict has impacted Pakistan’s economic stability, particularly due to rising global oil prices. He highlighted that increased international fuel prices have created an unusual economic situation.
He revealed that Pakistan’s weekly import bill rose significantly from $300 million to $800 million due to the surge in oil prices, putting additional pressure on economic reforms and stabilization efforts.
Despite challenges, the prime minister said Pakistan successfully repaid $3.5 billion in external debt. He also expressed gratitude to Saudi leadership for its support in managing economic difficulties.
Shehbaz Sharif added that consultations are underway with provincial governments to continue subsidies in public transport and other essential sectors to ease the burden on citizens.
