PM warns renewed Middle East tensions could again strain Pakistan’s economy

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday warned that renewed tensions in the Middle East following recent US-Iran attacks could once again affect Pakistan’s economy, as he chaired a meeting to assess the fallout of the regional situation and review austerity and cost-saving measures.

According to the Prime Minister’s Office, the premier said uncertainty in the region was continuing and instructed all relevant authorities to remain fully prepared to respond to any possible challenges. He said Pakistan’s economy was currently stable and directed officials to draw up a comprehensive contingency plan so that timely steps could be taken if needed.

Shehbaz also thanked the public for its support during the earlier national austerity and conservation drive, and praised participation in the government’s fuel and energy saving campaign. He said the government’s timely strategy had helped manage the country’s fuel supply position effectively and stressed that the interests of ordinary citizens, motorcycle users, rickshaw drivers and transporters had been safeguarded.

The prime minister said government subsidies had helped cushion the effect of fuel price increases on the public. He also directed authorities, in coordination with provincial governments, to take strict action against those involved in creating artificial shortages of petroleum products.

While underlining the need for preparedness, Shehbaz cautioned that worsening regional tensions could have an adverse economic impact on Pakistan in the future.

“escalating regional tensions could adversely affect Pakistan’s economy in the future”

The meeting was told that petroleum reserves were sufficient to meet the country’s needs and that arrangements had been made to ensure uninterrupted supplies going forward.

Those attending the meeting included federal ministers Ahsan Iqbal, Muhammad Aurangzeb, Ali Pervaiz Malik and Awais Khan Leghari, Minister of State Bilal Azhar Kayani, Special Assistant to the Prime Minister Tariq Bajwa, State Bank of Pakistan Governor Jameel Ahmad and other senior officials.