War in ME undermined Pakistan’s collective economic efforts of past two years: PM Shehbaz

Islamabad: Prime Minister Shehbaz Sharif stated that the war in the Middle East has undermined Pakistan’s collective economic efforts of the past two years.

Addressing a meeting of the federal cabinet, he said Pakistan had made sincere efforts to promote peace in the region. Talks between Iran and the United States continued for 21 hours, and a ceasefire between the parties is currently holding.

He added that Iranian Foreign Minister Abbas Araghchi also visited Oman and Russia, and indicated that Iran would respond after detailed consultations with its leadership.

The Prime Minister noted that the conflict has dealt a blow to Pakistan’s economic progress, particularly as global oil prices have surged, creating an extraordinary situation in international markets.

وزیراعظم محمد شہباز شریف کی کابینہ اجلاس سے ابتدائی گفتگو@CMShehbaz pic.twitter.com/rHaSK4lc1a

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He revealed that Pakistan’s weekly oil import bill, which stood at $300 million before the conflict, has now risen to $800 million, significantly impacting efforts toward economic stability.

He further stated that Pakistan has repaid $3.5 billion in external debt and expressed gratitude for the support of Saudi leadership in addressing economic challenges. Consultations with provinces are ongoing to continue subsidies in public transport and other sectors.