Pakistan’s Prime Minister Shehbaz Sharif said the Middle East war has damaged two years of collective economic efforts. Speaking at a federal cabinet meeting, he said rising global oil prices have created an extraordinary financial situation for the country. The increase is directly impacting Pakistan’s economic stability and recovery plans.
The prime minister noted that Pakistan has consistently worked for peace in the region. He said diplomatic efforts included extensive dialogue between Iran and the United States lasting 21 hours. He added that a ceasefire is currently in place as diplomatic engagement continues among key stakeholders.
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Shehbaz Sharif said Iran’s foreign minister Abbas Araghchi also visited Oman and Russia during consultations. He added that Iranian leadership is expected to respond after internal discussions. These diplomatic movements highlight ongoing international efforts to manage tensions in the region.
He further stated that the conflict has led to a sharp rise in global oil prices. Pakistan’s weekly oil import bill has increased from $300 million to $800 million. This surge has significantly affected efforts to maintain macroeconomic stability.
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The prime minister also highlighted that Pakistan repaid $3.5 billion in external debt. He thanked Saudi leadership for support in addressing economic challenges. He added that consultations with provinces are ongoing to maintain subsidies in transport and other sectors.