'Our bill has reached $800M': Iran-US war impacting Pakistan's economy
What's the story
Pakistan's Prime Minister Shehbaz Sharif has said the ongoing conflict between the United States and Iran has severely impacted his country's economy. The PM was speaking at a Cabinet meeting where he revealed Pakistan's oil import bill has skyrocketed from $300 million before the conflict to $800 million due to the war. He also said he observed a dip in petroleum consumption this week compared to last week.
Diplomatic initiatives
Task force monitoring situation
Sharif said a task force is keeping a close watch on the situation and called for collective action to address these challenges. He also spoke about Pakistan's diplomatic efforts to ease tensions between the US and Iran, including marathon talks held in Islamabad on April 11 that lasted 21 hours. These negotiations, he said, were instrumental in extending the ceasefire between Iran and the United States, adding that Islamabad will continue its efforts to ease tensions between the two.
Ministerial visit
Iranian foreign minister visits Pakistan
The prime minister informed the cabinet that Iranian Foreign Minister Abbas Araghchi also visited Pakistan, holding talks with him and other senior officials. Sharif said Araghchi assured him of Iran's sincere intent in negotiations after consultations with his leadership. He expressed hope that these efforts would lead to a peaceful resolution of the conflict soon.
Future negotiations
Pakistan plans 2nd round of talks
Pakistan is planning a second round of talks between the two warring sides. The first round was held in Islamabad on April 11 and lasted for 21 hours, marking a major diplomatic breakthrough. Over the weekend, the Iranian minister paid two brief visits to Pakistan in 48 hours, meeting with Field Marshal Asim Munir and Prime Minister to discuss the regional situation. And on Sunday, Trump reiterated that US and Iranian officials can talk by phone for a peace solution.