ISLAMABAD, April 29 — Prime Minister Shehbaz Sharif said Pakistan is actively pursuing regional peace through direct diplomatic engagement, citing 21-hour talks between Iran and the United States in Islamabad that contributed to extending a ceasefire between the two sides.
Addressing the federal cabinet, he said Pakistan played a coordinated role in facilitating the negotiations, involving senior leadership including Syed Asim Munir and Ishaq Dar. The engagement, he said, reflects Islamabad’s efforts to position itself as a stabilizing actor amid escalating regional tensions.
The prime minister also confirmed that Iranian Foreign Minister Abbas Araghchi visited Pakistan and held multiple rounds of talks, including a direct meeting with him, during which Iran indicated it would respond after internal consultations.
Oil surge adds economic strain
Linking regional tensions to domestic impact, the prime minister highlighted a sharp rise in global oil prices and its effect on Pakistan’s economy. He said the country’s oil import bill has increased from around $300 million to $800 million, creating additional fiscal pressure.
He noted that new fuel prices are expected to be reviewed shortly, describing the situation as challenging but manageable through coordinated policy measures.
Fuel supply and economic outlook
Despite global disruptions, the government maintained stable fuel supply across the country, avoiding shortages seen elsewhere, the prime minister said, crediting Petroleum Minister Ali Pervaiz Malik and his team.
He also noted a decline in petroleum consumption in recent days, while acknowledging that recent geopolitical developments have slowed economic recovery despite improving macroeconomic indicators over the past two years.
External support and reserves
On the financial front, the prime minister said Pakistan has repaid $3.5 billion in external debt while maintaining foreign exchange reserves, supported by Saudi Arabia. He acknowledged the role of Crown Prince Mohammed bin Salman in sustaining reserve levels.
Officials said Pakistan’s diplomatic engagement and economic management remain central as the region faces continued uncertainty.
Also read: Trump extends Iran ceasefire as Pakistan backs talks for peace deal
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