Pakistan consistently pursuing diplomatic efforts for regional peace: PM Shehbaz

Islamabad (Web Desk): Prime Minister Shehbaz Sharif on Wednesday said that Pakistan continues to pursue active efforts aimed at maintaining peace across the region, stressing the country’s ongoing diplomatic engagement to reduce tensions and promote stability.

Speaking at the Federal Cabinet meeting, he pointed to extensive negotiations between Iran and the United States (US) that were held in Islamabad on April 11, which reportedly continued for 21 hours and marked an important step forward in diplomatic progress.

PM Shehbaz said that Pakistan played a sincere and well-coordinated role in facilitating these discussions, with significant with contributions from Field Marshal Syed Asim Munir, Deputy Prime Minister and Foreign Minister Ishaq Dar, as well as other senior government officials.

He noted that as a result of these combined efforts, the ceasefire agreement between Iran and the United States was successfully extended and remains in effect. Interior Minister Mohsin Naqvi, he added, also contributed meaningfully to the diplomatic process.

The prime minister further informed the cabinet that Iranian Foreign Minister Abbas Araghchi visited Pakistan along with his delegation, during which multiple rounds of talks were held, including a two-hour meeting with him personally.

PM Shehbaz said that FM Araghchi had assured that Iran would provide a constructive response following consultations with its top leadership.

Turning to economic matters, PM Shehbaz expressed concern over the recent surge in global crude oil prices, stating that new rates were expected to be announced on Friday.

He described the situation as difficult but said he was confident that through coordinated planning and collective decision-making, the challenges could be managed effectively.

He praised Petroleum Minister Ali Pervaiz Malik and his team for ensuring a stable domestic fuel supply situation, noting that unlike many other countries, Pakistan did not experience panic buying or disruption at petrol stations.

The prime minister also highlighted that the country’s oil import bill had risen sharply from $300 million before the recent conflict to $800 million, placing additional pressure on the national economy. He added that petroleum consumption had shown a decline during the current week compared with the previous one.

Discussing the broader economic outlook, PM Shhebaz remarked that although macroeconomic indicators had been improving, the recent conflict had slowed down the progress achieved over the past two years toward economic stability.

He also briefed the cabinet that Pakistan had successfully repaid $3.5 billion in maturing loans while maintaining its foreign exchange reserves, with support from Saudi Arabia.

PM Shehbaz specifically acknowledged the role of Crown Prince Mohammed bin Salman in helping Pakistan sustain its reserve levels.