A meeting chaired by Prime Minister Muhammad Shehbaz Sharif was held to review the country’s economic situation in light of recent global developments.
During the meeting, participants were briefed on the recent international tensions and their potential economic impact on the region.
The Prime Minister directed the formulation of a strategy focused on economic growth, simplicity, and savings. In view of the current global economic pressure caused by rising tensions, he emphasized preparing a cost-saving and austerity-based plan.
The Prime Minister instructed the committee to present practical recommendations within the next 48 hours.
He further directed that the proposed strategy should ensure minimum financial burden on the public, while public relief remains the top priority.
The Prime Minister was also briefed by the active committee working on the matter.
It was highlighted that the Prime Minister had already formed a committee last week to review the global economic impact of the ongoing tensions. The committee had been working on the strategy, which helped ensure that no shortage of petroleum products occurred in the country.
The briefing also noted that the recent increase in petroleum prices was made on the committee’s recommendation, transferring only the minimum possible burden of the global price hike to consumers.
The Prime Minister directed the committee to work more actively and present feasible and public-friendly recommendations as soon as possible.
The Prime Minister issued clear instructions that any petrol pump or company found involved in artificial shortages or hoarding should be immediately sealed, its license cancelled, and legal action taken.
He also directed the Finance Minister and the Petroleum Minister to visit all four provinces and coordinate with provincial governments to develop a comprehensive plan for conserving petroleum products and ensuring their uninterrupted supply to the public
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