US-Iran Conflict Drives Pakistan's Oil Import Bill to $800 Million, PM Sharif Warns
L'essentiel
- Pakistan's oil import bill has surged to $800 million from $300 million due to the US-Iran conflict, reversing two years of economic progress, Prime Minister Shehbaz Sharif announced.
- He highlighted the nation's ongoing diplomatic efforts to mediate tensions.
Résumé généré par IA
Prime Minister Shehbaz Sharif stated on Wednesday that Pakistan's oil import bill has surged to $800 million, a sharp increase from $300 million a week prior, attributing the rise to the ongoing US-Iran conflict. Sharif informed the cabinet that this economic shock has reversed two years of progress and placed fresh pressure on the nation's economy.
"If a week ago our bill was $300 million, today it has reached $800 million," Sharif said, as quoted by TOI. He also noted a decline in petroleum consumption in the current week compared to the previous one.
Sharif expressed that while Pakistan's economy was on a growth trajectory, the "sudden war" had diminished the efforts made over the last two years. Despite the economic strain, he reiterated Pakistan's commitment to diplomatic mediation between the United States and Iran.
The Prime Minister briefed the cabinet on Islamabad's diplomatic initiatives, including hosting a 21-hour round of talks between Iranian and US officials on April 11. He reported that the ceasefire between the two countries has been extended and continues to hold.
Iranian Foreign Minister Abbas Araghchi made two brief visits to Pakistan over the weekend, meeting with Sharif and Army Chief Field Marshal Asim Munir. Pakistan is now preparing to host a second round of US-Iran talks.
A task force has been formed to monitor the economic situation on a daily basis, Sharif added.
The article also touches upon Pakistan's deepening debt crisis, with foreign exchange reserves under severe pressure due to upcoming repayments, including approximately $3–3.5 billion to the UAE. With reserves covering only about three months of imports and limited financing options, Pakistan is struggling to stabilize its economy while seeking fresh loans and debt rollovers.
The current tensions between the US and Iran stem from a US-Israel joint strike on February 28 that reportedly killed Supreme Leader Ali Khamenei and several top commanders, leading to Iranian retaliation. US President Donald Trump subsequently extended a two-week ceasefire with Iran indefinitely.
Sharif emphasized that Pakistan does not have a direct role in the conflict but is actively working to promote regional stability and peace in West Asia.
