ISLAMABAD: Pakistan’s deputy prime minister and foreign minister, Ishaq Dar, arrived in Iran today, Monday, on a two-day official visit to attend the 28th meeting of the Economic Cooperation Organization (ECO) Council of Ministers, the Foreign Office in Islamabad said.
The ECO is a political and economic intergovernmental organization that promotes economic, technical, and cultural cooperation among member states. The ECO was founded in 1985 by Iran, Pakistan, and Turkiye, and was established to succeed the Regional Cooperation for Development (RCD), which existed from 1964 to 1979.
The ECO’s objectives include contributing to the development of member states, removing trade barriers within the ECO region, developing intra-regional trade, promoting the ECO region’s integration with global markets and strengthening cultural and historical ties among member states.
“Deputy Prime Minister/Foreign Minister Senator Mohammad Ishaq Dar has arrived in Mashhad, Iran to attend the 28th Meeting of the ECO Council of Ministers,” the foreign office said, adding that the Pakistani dignitary was received at the airport by Vice Governor General of Razavi Khorasan province , Mohammad Ali Nabipoor and Pakistan’s Ambassador to Iran, Mudassir Tipu.
In his address at the ECO meeting in Mashhad, Dar will highlight the potential of greater connectivity in the ECO region, according to a press briefing by Foreign Office spokesperson Mumtaz Zahra Baloch.
“Deputy PM will reiterate Pakistan’s commitment to the ECO charter and highlight the potential of greater connectivity in the ECO region to development of road and rail networks, liberalization of visa regimes, simplification of border procedures and to maintain sustainable growth and enhance geo-economic potential of the ECO region,” Baloch said.
“Deputy PM will sign the charter for ECO clean energy center and hold bilateral meetings with participating ministers and other dignitaries on the sidelines.”
Dar will also reiterate Pakistan’s concerns over hostilities in the Middle East that endanger peace and security of the region.
Dar’s visit comes weeks after Iranian FM Seyed Abbas Araghchi was in Islamabad to hold consultations with Pakistani leaders on the Middle East situation following Israel’s invasion of Gaza and Lebanon, and to discuss bilateral ties.
Pakistan Deputy PM arrives in Iran for Economic Cooperation Organization summit
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Pakistan Deputy PM arrives in Iran for Economic Cooperation Organization summit
- Economic Cooperation Organization founded in 1985 by Iran, Pakistan and Turkiye
- ECO aims to remove trade barriers within ECO region, develope intra-regional trade
Pakistan to unveil austerity plan on Monday as Middle East conflict drives oil price surge
- The development follows an increase of Rs55 ($0.20) per liter in prices of petrol and diesel in Pakistan this week
- PM Shehbaz Sharif promises ‘maximum relief’ to people as soon as ‘this difficult phase passes’ and economy stabilizes
ISLAMABAD: Pakistan is set to unveil an austerity plan tomorrow, Monday, as surging global oil prices, driven by United States and Israeli strikes on Iran, mount pressure on Prime Minister Shehbaz Sharif’s government to curb spending and stabilize the economy, the PM’s office said on Sunday.
The development follows an increase of Rs55 ($0.20) per liter in the prices of petrol and diesel in Pakistan this week as the Strait of Hormuz, which supplies a fifth of the global oil consumption, faces disruptions due to US-Israeli strikes on Iran and Tehran’s counter attacks on US interests in the Gulf region.
Pakistan’s Petroleum Division was directed to submit daily stock reports, while the country’s Oil and Gas Regulatory Authority (OGRA) was tasked with maintaining strict market oversight, officials said this week, as oil rose above $90 a barrel globally, the highest in years.
Sharif on Sunday presided over a meeting to review measures to stabilize the economy amid the Middle East conflict, with officials saying global supply disruptions and price fluctuations may have an impact on Pakistan, according to the prime minister’s office.
“In view of the recent international situation, timely implementation of measures is essential for the country’s economic stability,” Sharif was quoted as saying at the meeting. “The government is constantly monitoring the situation and all necessary decisions will be taken to provide all possible stability to the national economy.”
Earlier in the day, Pakistan’s Finance Minister said that Islamabad was preparing alternative plans to manage the financial impact of rising oil prices.
Speaking at the meeting, Sharif said the austerity measures must protect the interest of the people.
“All government employees and ministers will have to adopt austerity,” he said. “In the current difficult times, it is important to ensure wise use of national resources and as soon as this difficult phase passes and the economy becomes more stable, the government will provide maximum relief to the people.”
Instructions regarding austerity and simplicity will not be applicable to the industry and agriculture sectors so that the country’s production, exports and food security are not affected, according to Sharif’s office.
Several suggestions and recommendations based on austerity and simplicity were presented at the meeting, which were reviewed in detail by participants.
“The briefing was informed that the country has adequate reserves of diesel, petrol and other petroleum products and the government has made advance arrangements to deal with any emergency,” Sharif’s office said.
