Pakistan's weekly oil bill has increased from $300 million to $800 million as energy prices have risen due to ongoing tension in the Middle East. This was stated by the Prime Minister of the Islamic Republic Nawaz Sharif.
„Pakistan has been on a growth trajectory for the last two years after achieving macroeconomic stability. The war between Iran and the US has created a difficult situation in the world and negatively affected the efforts made. Our weekly crude oil import bill has increased from $300 million before the Middle East conflict to $800 million now,” the Express Tribune quoted the prime minister as saying at a cabinet meeting.
In the current circumstances, Pakistan is continuing its austerity regime, rationing energy resources and measures to reduce oil consumption. The strengthening of the national foreign exchange reserves made it possible to repay the country’s external debt in April and repay approximately $3.5 billion in external loans.
“Pakistan’s sincere diplomatic efforts for peace in the Middle East continue with unabated force“, Sharif added. “As a result of our initiatives and the negotiations between the US and Iran in Islamabad on April 11, a ceasefire was reached in the Middle East, which continues to be observed.