Shehbaz Sharif said on Wednesday that Pakistan continues to play a proactive role in promoting regional peace, underscoring its diplomatic efforts in easing tensions between Iran and the United States.
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Addressing a federal cabinet meeting, the prime minister highlighted that marathon talks held in Islamabad on April 11 lasted 21 hours and marked a significant diplomatic breakthrough. He said the success of the negotiations was the result of coordinated efforts involving Syed Asim Munir, Ishaq Dar, and other senior officials.
Sharif noted that these efforts contributed to the extension of a ceasefire between Iran and the United States, which remains in place. He also acknowledged the role of Mohsin Naqvi in facilitating the process.
The prime minister informed the cabinet that Abbas Araghchi recently visited Pakistan and held multiple rounds of discussions, including a two-hour meeting with him. According to Sharif, the Iranian side assured a positive response following internal consultations.
However, the premier expressed concern over rising global oil prices, warning that new rates expected later this week could pose economic challenges. He said the situation remains difficult but expressed confidence that coordinated policy measures would help manage the impact.
Sharif praised Ali Pervaiz Malik and his team for maintaining stability in domestic fuel supply, noting that Pakistan avoided panic buying seen in other countries.
He revealed that the country’s oil import bill has surged from $300 million to $800 million amid the conflict, increasing pressure on the economy. While petroleum consumption has slightly declined in recent days, the broader economic impact remains significant.
The prime minister added that despite improvements in macroeconomic indicators over the past two years, recent geopolitical tensions have affected progress toward economic stability.
He further informed the cabinet that Pakistan has repaid $3.5 billion in loans and maintained foreign exchange reserves, with support from Saudi Arabia. He also acknowledged the role of Mohammed bin Salman in helping sustain reserve levels.
