PM Shehbaz calls for preparedness for US-Iran tensions, warns of economic impact

Prime Minister Shehbaz Sharif on Thursday expressed concern over the recent rise in tensions between the United States and Iran, warning that the national economy could once again be affected by the negative impact of the escalating regional situation.

The remarks come as the prime minister chairs a meeting to examine the impact of regional tensions on the country’s economy, as well as austerity and economic measures amid the recent conflict.

According to a statement issued by the Prime Minister’s Office, Prime Minister Shehbaz asked relevant authorities to remain fully prepared to meet all possible challenges as uncertainty persists in the regional situation.

Speaking at the meeting, the Prime Minister said the public had played a full role in the previous austerity and economic drive, for which he was “fully grateful”.

“By the grace and mercy of Allah, the national economy is stable; a comprehensive action plan should be prepared for timely measures if necessary,” the Prime Minister said in the statement.

Read: FO calls for restraint as US-Iran tensions continue, says diplomacy remains only path to peace

He also commended the public for their cooperation in the national campaign to save petroleum products and energy, while expressing satisfaction with the country’s fuel supply.

“Through effective and timely government strategy, the fuel supply situation in the country has been managed in the best possible manner,” he said, adding that the government had protected the common man, motorcyclists, autorickshaw drivers and transporters.

The Prime Minister further said that with the subsidies provided by the government, the effects of the increase in fuel prices had been effectively controlled.

He ordered authorities, in collaboration with provincial governments, to take strict action against those who create artificial shortages of petroleum products.

However, given the rise in tensions in the region, the Prime Minister warned that the national economy could be affected in the future due to the negative impact of the escalation of the situation.

He expressed hope that the public would provide the same support as during the previous austerity campaign, adding that cost-cutting measures should be adopted nationally in the same way.

Read also: US Vice President Vance criticizes Israeli efforts to thwart peace talks with Iran

The meeting was informed that sufficient reserves of petroleum products were available in line with national requirements and arrangements had been made to ensure future supplies.

The meeting was attended by Federal Ministers Ahad Khan Cheema, Muhammad Aurangzeb, Ali Pervez Malik and Awais Khan Laghari, State Minister Bilal Azhar Kiani, Special Assistant Tariq Bajwa, State Bank Governor Jameel Ahmad and senior government officials.