Prime Minister Shehbaz Sharif stated that the ongoing conflict in the Middle East has severely impacted Pakistan’s economic progress achieved over the last two years. Speaking at a federal cabinet meeting on Wednesday, he emphasized that the war has caused a significant surge in global oil prices, creating an unprecedented situation in international markets.
He noted that Brent crude oil prices have escalated to $114.64 per barrel. The conflict, which began on February 28 following attacks by the United States and Israel on Iran, has destabilized the region, disrupted energy supplies, and pushed global oil prices higher. As a result, Pakistan’s weekly oil import bill has soared from $300 million prior to the conflict to $800 million.
The prime minister explained that these rising global prices are complicating ongoing efforts to stabilize Pakistan’s economy. A task force has been established to monitor the situation daily, and consultations with provincial governments are in progress to maintain subsidies in public transportation and other critical sectors. He stressed the need for collective and continuous efforts to overcome these challenges.
Shehbaz Sharif also highlighted Pakistan’s repayment of $3.5 billion in external debt and expressed gratitude to the Saudi leadership for their support in managing the country’s economic difficulties. In a significant development regarding regional peace, the prime minister mentioned Islamabad’s sincere attempts to foster stability.
He recalled that talks between Iran and the United States began in Islamabad on April 11 and lasted for 21 hours, resulting in a ceasefire that is currently holding. Iran’s Foreign Minister Abbas Araghchi recently visited Pakistan with his delegation for the second phase of negotiations. The prime minister shared that before Araghchi’s visit to Russia, he spoke with him by phone, during which the Iranian minister assured him that meetings in Oman were conducted with genuine intent and, following consultations with Iranian leadership, a positive response is expected soon.
PM Shehbaz expressed hope for a swift end to the conflict and the establishment of lasting peace in the region. He also commended Interior Minister Mohsin Naqvi for his support of the peace process.
