ISLAMABAD / LAHORE: Prime Minister Shehbaz Sharif is expected to unveil a national austerity plan today (Monday) to address the economic fallout from the escalating Middle East conflict that has disrupted global energy markets and pushed fuel prices higher.
The move comes after the government increased petrol and high-speed diesel prices by Rs55 per litre last week — the largest hike in recent history — as Pakistan felt the first direct economic impact of the ongoing conflict involving the United States, Israel and Iran.
According to the Prime Minister’s Office, the premier chaired a high-level meeting on Sunday to review the government’s strategy for austerity and resource conservation in light of the volatile international situation.
Officials informed the meeting that the final plan focusing on austerity and savings would be announced on Monday. Participants were also told that the country currently has adequate reserves of petrol and diesel, and that precautionary measures have already been taken to manage any potential supply disruptions.
The government has prepared a contingency plan that includes proposals for work-from-home arrangements and distance learning if the energy situation worsens. However, the prime minister decided to defer immediate implementation of these measures on Friday and instead opted to review the situation on a weekly basis.
During the meeting, PM Shehbaz emphasized the importance of responsible and efficient use of petroleum products during the crisis. He stressed that austerity measures should be implemented fairly across society, with the elite and privileged classes leading by example through spending cuts and adjustments.
“The burden of austerity should be shared judiciously by all segments of society,” the prime minister said, urging government officials to adopt a culture of conservation and discipline in the use of public resources.
He also called upon federal and provincial ministers, as well as government institutions, to play an active role in providing relief to the public while ensuring efficient use of available resources.
Highlighting the uncertain global environment, the prime minister said that immediate precautionary steps were necessary to prevent further economic strain.
“The government is fully aware of the situation and fluctuations in international oil prices, and necessary measures are being taken to provide maximum relief to the people,” he said.
The meeting was attended by senior cabinet members including Deputy Prime Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, Power Minister Awais Leghari, Petroleum Minister Ali Pervaiz Malik, and Information Minister Attaullah Tarar, along with the chief secretaries of all four provinces.
Story by Syed Irfan Raza
