Pakistan Facing ‘Major’ Economic Fallout Due To Iran War: Shehbaz Sharif

Islamabad: Prime Minister Shehbaz Sharif on Wednesday said that the US-Iran war has dealt a serious blow to Pakistan’s economic progress made over the past two years, as he asserted that his government will continue its efforts to help ease tensions between the two warring sides and restore peace in West Asia.

Speaking during a Cabinet meeting here, Shehbaz said Pakistan’s oil import bill had surged from $300 million before the conflict to $800 million, placing additional pressure on the economy. He also noted a reduction in petroleum consumption during the current week compared to the previous one.

Shehbaz said a task force is monitoring the situation daily, according to an official statement. He said collective efforts are needed to tackle the challenges. Apprising the Cabinet about the progress made in the US-Iran talks and Pakistan’s efforts to ease tensions in the region, Shehbaz said Islamabad made sincere efforts to promote regional stability. He highlighted that marathon talks between Iran and the US held in Islamabad on April 11 lasted for 21 hours and marked a significant diplomatic breakthrough.