Prime Minister Shehbaz Sharif said on Thursday that escalating tensions in the Middle East could adversely affect the country’s economic outlook, reiterating the need for vigilance and readiness across all relevant institutions.Chairing a high-level meeting to review the impact of regional tensions on the national economy, the prime minister said that by the grace of Allah, the national economy remained stable at present, but stressed the need to formulate a comprehensive strategy to enable timely action.Iran and the US exchanged intensified fire on Thursday in a week-long escalation that has all but torn up last month’s truce.For the first time since an Islamabad Memorandum of Understanding (MoU) paused fighting last month, the United States launched two big waves of air strikes in a single day on Wednesday, mostly on targets near the coast in southern Iran.Iran responded with missiles and drones fired at US military bases in neighbouring countries, including a major barrage at a recently expanded air base in Jordan.The re-escalation has once again largely halted traffic through Hormuz, the world’s most important shipping route for oil and gas, pushing up global energy prices.The US and Iran signed the Islamabad Memorandum of Understanding” on June 17, largely mediated by Pakistan.The prime minister, chairing the meeting on Thursday, directed the relevant authorities to maintain full preparedness to counter potential challenges arising from prevailing regional uncertainty and lauded public support for the government’s austerity and fuel-saving drive.The meeting was briefed that the country currently possessed sufficient reserves of petroleum products to meet domestic requirements, and that measures had been put in place to ensure their continued supply in the future.
PM Shehbaz commended the effective and timely response of the government’s strategy, which he said had ensured optimal management of the fuel supply situation in the country.