Prime Minister Shehbaz Sharif on Thursday warned renewed tensions in the Middle East can adversely affect the country’s economic outlook, and called for vigilance and readiness across all relevant institutions to mitigate any impact on Pakistan.
Chairing a high-level meeting to review the impact of regional tensions on the national economy, he maintained the national economy was stable at present. However, he stressed on the need to formulate a comprehensive strategy to enable timely action if the situation worsens.
In this regard, Sharif directed relevant authorities to maintain full preparedness to counter potential challenges arising from prevailing regional uncertainty and lauded public support for the government’s austerity and fuel-saving drive.
The meeting’s participants were informed the country currently possesses sufficient reserves of petroleum products to meet domestic requirements, and measures have been put in place to ensure continued supply in future. The prime minister commended the effective and timely response of the strategy, which he said had ensured optimal management of the country’s fuel supply.
He noted the government has extended protection to the common man, motorcyclists, rickshaw drivers and transporters, and that subsidies provided by the state had helped contain the impact of increases in fuel prices. Directing coordination with provincial governments, he ordered strict action against elements responsible for creating an artificial shortage of petroleum products in the market.
Referring to the government’s austerity campaign, Sharif thanked the public for their cooperation in its success and called for the same spirit going forward. “Just as the people extended full support during the previous simplicity campaign, austerity must now be embraced at the national level,” he said.
The prime minister also acknowledged the public’s cooperation in the national campaign for the conservation of petroleum products and energy, describing it as a significant contribution to the country’s economic resilience.