Summary Shehbaz Sharif says Pakistan is actively promoting regional peace after hosting U.S.-Iran talks in Islamabad; warns rising oil prices are straining economy despite stable fuel supply.
ISLAMABAD (Dunya News) - Prime Minister Shehbaz Sharif on Wednesday said that Pakistan was still continuing its efforts to maintain peace in the region, highlighting the country’s proactive diplomatic role in easing tensions and promoting stability.
Addressing the cabinet, the prime minister 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. He said Pakistan made sincere and coordinated efforts for the success of the negotiations, with contributions from Field Marshal Syed Asim Munir, Deputy Prime Minister/Foreign Minister Ishaq Dar, and other senior officials.
As a result of these efforts, he noted, the ceasefire between Iran and the United States was extended and continues to hold. Interior Minister Mohsin Naqvi also played an important role in the process, he added.
The prime minister informed the cabinet that Iranian Foreign Minister Abbas Araghchi visited Pakistan with his delegation and held multiple rounds of talks, including a two-hour session with him. He said Araghchi assured that Iran would respond positively after consultations with its leadership.
However, PM Shehbaz expressed concern over rising global crude oil prices, noting that new prices were expected to be determined on Friday. He said this was a very challenging situation, but he expressed confidence that collective wisdom and coordinated efforts would keep matters under control.
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He appreciated Petroleum Minister Ali Pervaiz Malik and his team for ensuring stability in domestic fuel supply, adding that Pakistan avoided panic situations at petrol pumps unlike other countries.
The prime minister said the country’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.
Highlighting economic challenges, he said that while macroeconomic indicators had been improving, the recent war had dented the gains achieved over the past two years toward economic stabilization.
PM Shehbaz further informed the cabinet that Pakistan had repaid $3.5 billion in due loans and maintained its foreign exchange reserves, with support from Saudi Arabia. He specifically acknowledged the role of Crown Prince Mohammed bin Salman in helping Pakistan sustain its reserve levels.
