PM Shehbaz warns Middle East conflict hitting Pakistan’s economy hard

ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday said the ongoing Middle East conflict has dealt a serious blow to Pakistan’s economic progress achieved over the past two years, citing a sharp surge in global oil prices.

Addressing a federal cabinet meeting, the premier noted that rising tensions in the region have created an extraordinary situation in international markets, with Brent crude prices climbing to $114.64 per barrel.

He said Pakistan’s weekly oil import bill has increased significantly from $300 million before the conflict to $800 million, placing additional pressure on the country’s economic stability efforts.

The prime minister added that a dedicated task force is closely monitoring developments on a daily basis, while consultations with provincial governments are underway to ensure continuity of subsidies in public transport and other key sectors.

Calling for collective efforts, he stressed the need for round-the-clock work to tackle emerging challenges and safeguard economic recovery.

Read More: China’s J-10C jet maker posts record profits after Pakistan-India standoff: report

Highlighting fiscal management, the premier said Pakistan has repaid $3.5 billion in external debt and acknowledged the support of Saudi leadership in helping the country navigate economic pressures.

On the diplomatic front, he reiterated Pakistan’s role in promoting regional peace, noting that talks between Iran and the United States were held in Islamabad on April 11 and continued for 21 hours, resulting in a ceasefire that is currently holding.

He added that Iranian Foreign Minister Abbas Araghchi recently visited Pakistan for the second phase of negotiations and expressed optimism that ongoing diplomatic efforts would lead to a positive outcome.

The prime minister expressed hope for an early end to the conflict and the establishment of lasting peace in the region, while also appreciating Interior Minister Mohsin Naqvi’s role in supporting the peace process.