Prime Minister Sharif Addresses Nation on Economic Impact of Middle East War

Prime Minister Shehbaz Sharif is currently addressing the nation from Islamabad. At the outset of his address, he stated that the entire region had been gripped by war. He emphasized Pakistan’s efforts in solving this through diplomacy. The premier also highlighted a new challenge: terrorism on its Western borders, where Pakistan’s armed forces are under the leadership of Chief of Defence Forces Asim Munir.

Shehbaz condemned recent US-Israeli attacks on Iran that resulted in the assassination of Supreme Leader Ayatollah Ali Khamenei and Iranian retaliatory strikes against friendly Gulf countries. He noted that Pakistan stood shoulder to shoulder with them, standing firm in support.

PM Shehbaz mentioned that due to these developments, global oil prices had jumped over $100 per barrel. “If things continue on this path, the situation will get out of control,” he said. Noting Pakistan’s reliance on Gulf oil and gas for energy needs, the premier said, “The government took difficult decisions in light of this reality to ensure economic stability.”

He acknowledged that while global oil prices were not within Pakistan’s direct control, conflict or war invariably impacted these prices. He assured the nation that efforts were being made to keep their economy strong.

Shehbaz spoke about the decision to increase petroleum product prices, which he described as a difficult one, where his heart and head often conflicted. “We tried to take the middle ground so that your burden is lessened,” he said. Highlighting economic pressures faced by the country, he pointed out that Pakistan was on the brink of default some time back.

He recalled how, despite political differences, the government prioritized people’s welfare. “You supported us and demonstrated patience,” he stated. Shehbaz shared progress: inflation had fallen, the rupee stabilized, and electricity prices were also reduced. He assured the nation that the government would strive to keep the burden on the public as minimal as possible.

He forecasted that oil prices would soon rise again in the coming days. “But I will ensure that this does not fall on you,” he said. Shehbaz highlighted ongoing efforts, mentioning a meeting held Monday where austerity measures were discussed.

For official vehicles for the next two months, the fuel allowance was cut by 50%. Ambulances are excluded from this measure. For the same period, 60% of all government vehicles will be halted. Furthermore, the federal cabinet would forego their salaries, as would parliamentarians earning more than Rs300,000 for two days.

The premier also outlined additional measures: for the next two months, there would be a ban on purchasing new vehicles, furniture, and air conditioners within government departments. Ministers, advisers, and officials are also barred from foreign trips in this period.

These austerity measures will continue to be implemented diligently by the government team day and night to ensure minimal burden on citizens while safeguarding the economy.