Due to the ongoing war between America and Iran, a big impact is being seen on Pakistan. Pakistan Prime Minister Shahbaz Sharif himself has said this in the cabinet meeting and warned that rising oil prices and regional instability have weakened the country’s economic condition. Speaking during a cabinet meeting in the capital Islamabad, PM Shehbaz said Pakistan’s oil imports have increased to $800 million from $300 million before the conflict, putting additional pressure on the country’s economy. He also mentioned the decrease in petroleum consumption this week compared to last week.
This statement of Shahbaz Sharif has also exposed Pakistan as to why it was desperate to mediate in this war. However, this attempt also did not succeed and both the countries are not agreeing to the second round of talks. In such a situation, Pakistan’s troubles may increase further. Shahbaz Sharif has said that Pakistan is still trying to reduce tension. He also said that to deal with these challenges, it is important that everyone contributes. That is, Shahbaz Sharif has also accepted that getting the agreement done is not a matter for Pakistan alone.
Pakistani economy is in trouble
Prime Minister Shahbaz Sharif said that currently the prices of crude oil are skyrocketing again, hence there is a need to fix new prices. He said that the situation is quite challenging, but efforts are on to control the situation through collective efforts. Meanwhile, he praised the work of the Petroleum Minister and said that due to the steps taken by him, the situation in Pakistan is satisfactory compared to other countries and there are no long queues anywhere. However, there has been a jump of $500 million compared to before and after the war, which is breaking the backbone of the economy.
Lockdown like situation is being created in Pakistan
This statement of Shahbaz Sharif has come at a time when there is an outcry in Pakistan due to oil shortage. Recently it came to light in the reports that there is barely a week’s worth of oil left in Pakistan. Pakistan’s Energy and Finance Ministry itself has admitted that the country has only 5 to 7 days of crude oil reserves left. This is the situation when many measures have already been implemented in Pakistan to reduce oil consumption. People have been advised to work from home. To save money, even the salaries of government officers and ministers have been cut.
Pakistan is taking loan after loan to repay the loan
While trying to create a balance between Iran and America in the war, Pakistan forgot that its house runs only on the basis of loans from Muslim countries. In such a situation, UAE became angry that Pakistan did not say anything openly against the Iranian attacks. The Emirates got so enraged that it asked to return the financial aid given to Pakistan. Now the condition of Pakistan has become such that it is forced to repay this loan by taking loans from countries like Saudi.