PM Shehbaz Sharif Says Middle East War Hurt Pakistan’s Economy

Prime Minister Shehbaz Sharif has stated that ongoing tensions in the Middle East have negatively affected Pakistan’s economic progress achieved over the past two years.

Speaking during a federal cabinet meeting, he emphasized that Pakistan had made sincere efforts to promote peace in the region. He revealed that talks between Iran and the United States continued for 21 hours, resulting in an ongoing ceasefire.

The prime minister also mentioned that Iranian Foreign Minister Abbas Araghchi visited Oman and Russia as part of diplomatic efforts, adding that Iran would respond after internal consultations.

Highlighting the economic consequences, Shehbaz Sharif said the conflict has disrupted Pakistan’s economic momentum, particularly due to rising global oil prices. He noted that Pakistan’s weekly oil import bill increased sharply from $300 million to $800 million.

According to him, this surge in energy costs has created an unusual economic situation and affected efforts toward financial stability.

Despite challenges, he shared that Pakistan has repaid $3.5 billion in external debt. He also expressed gratitude for the support of Saudi Arabia in addressing economic challenges.

The prime minister added that consultations are ongoing with provincial governments to continue subsidies in public transport and other essential sectors.