Islamabad, Pakistan – Web Desk: Prime Minister Shehbaz Sharif has stated that the recent war in the Middle East severely damaged two years of collective economic efforts by Pakistan, as the country’s weekly oil import bill more than doubled.
Addressing a federal cabinet meeting, the Prime Minister said Pakistan made sincere efforts for the establishment of peace in the region. He disclosed that talks between Iran and the United States continued for 21 hours, and a ceasefire is currently in place between the two parties.
PM Shehbaz noted that Iranian Foreign Minister Abbas Araghchi also visited Oman and Russia. According to the Prime Minister, the Iranian foreign minister indicated that he would respond after detailed consultations with his leadership.
“Our two years of collective efforts have been harmed by this war,” the Prime Minister said. Before the conflict, Pakistan’s weekly oil import bill stood at $300 million, which has now surged to $800 million, he added.
The rising oil prices in the international market have impacted efforts toward economic stability. The Prime Minister pointed out that the situation remains extraordinary due to continuously increasing global energy prices.
On a positive note, PM Shehbaz shared that Pakistan has repaid $3.5 billion in external debt. He also expressed gratitude to the Saudi leadership for their cooperation in dealing with economic challenges.
Consultations with provinces are ongoing to continue subsidies in public transport and other sectors, he said.
The Prime Minister’s remarks highlight the vulnerability of import-dependent economies like Pakistan to geopolitical shocks in energy-producing regions.
