Joint Appeal
Pakistan and China have jointly issued a five-point initiative aimed at restoring regional peace, calling for an immediate end to hostilities; start of peace talks; security of non-military targets; security of shipping lanes; and strengthening of the primacy of the United Nations. The plea comes as the U.S. and Israel continue striking inside Iran, which has been retaliating with strikes on targets in the Gulf.
Austerity Drive
The federal government has decided against imposing a nationwide “smart lockdown” in a bid to conserve fuel following resistance from provincial governments, which have backed further tightening austerity measures and committing to energy and fuel conservation. Achieving the same remains unclear, as the government had admitted its fuel subsidy has increased overall consumption.
Price Hike
The Oil and Gas Regulatory Authority has increased the price of liquefied petroleum gas by Rs. 78.28/kg, with an 11.8kg domestic cylinder now costing Rs. 3,588.59, including the producer price of Rs. 3,101.25. The ongoing Iran war has led to a significant increase in the prices of all fuel products, with the government hinting at an end to blanket subsidies to avert a potential financial crunch.
Legitimate Issues
Finance Minister Muhammad Aurangzeb has assured full support to Khyber-Pakhtunkhwa Chief Minister Sohail Afridi for the resolution of “legitimate” issues. During a meeting between the two officials, Afridi alleged the center was delaying releasing NFC funds for the erstwhile tribal areas. Last week, the province staged a walkout of an NFC meeting over what it has dubbed an “unconstitutional” formula.
Food Security
The Economic Coordination Committee of the federal cabinet has emphasized the need to maintain strategic reserves of wheat, approving the procurement of one million tons of the commodity, to avert threats posed to the country’s food security from the Middle East conflict. Under a new policy, provincial governments will procure their own reserves through public-private partnerships.
Another ‘Call’
Aleema Khan, the sister of incarcerated former Prime Minister Imran Khan, has once again urged PTI supporters to stage “peaceful” protests to secure the release of the party founder and his wife, Bushra. She further alleged her brother was unlikely to receive medical care or bail from courts without public pressure through mass demonstrations.
Tackling Terrorism
The ISPR has announced security forces killed 13 “India-backed” terrorists in two separate intelligence-based operations conducted in Khyber-Pakhtunkhwa. The IBOs occurred in Bara and Bannu, read a statement, adding sanitization operations are underway to eliminate any remaining terrorists found in the area.
Volatile Pricing
After reaching a peak of around $115/barrel, the prices of Brent Crude have dropped to $102/barrel as markets react to statements from both Iran and the United States suggesting they are ready to negotiate a ceasefire. However, both sides appear unwilling to compromise, suggesting the conflict may persist for several more days, if not weeks, before it concludes.
Renegotiating Terms
Prime Minister Shehbaz Sharif has directed the Finance Division to negotiate with the International Monetary Fund (IMF) a reduction in the levy imposed on petrol and diesel in a bid to reduce pressure on the public amidst mounting fuel prices. Pakistan’s proposal calls for adjusting petroleum prices by reducing levies, currently imposed at Rs. 100/liter on petrol and Rs. 55/liter on diesel.
NATO Woes
U.S. Secretary of State Marco Rubio has warned Washington will “re-examine” its relationship with NATO once its war against Iran has concluded. Speaking with Fox News, he said it was time to determine the value of the alliance for the U.S. after its member states refused to support the country in the ongoing conflict. Earlier, Donald Trump had likewise said the U.S. would no longer help NATO states.