ISLAMABAD: Participants of a high-level meeting chaired by President Asif Ali Zardari on Thursday stressed the need to develop a national consensus and strengthen institutional coordination in the country, the Press Information Department (PID) said, as Islamabad undertakes efforts to conserve its fuel stocks and deal with economic challenges arising due to the Iran war.
The high-level meeting was chaired by Zardari at the president’s official residence. The meeting was held to review the evolving economic and energy situation amid global oil supply constraints and rising petroleum prices, the PID said.
Prime Minister Shehbaz Sharif and Chief of Defense Forces Field Marshal Syed Asim Munir also attended the meeting, along with Deputy Prime Minister Ishaq Dar and senior federal ministers.
“The meeting underscored the importance of maintaining national consensus and strengthening institutional coordination in view of emerging regional challenges,” the PID said in a press release.
It said participants of the meeting agreed that economic management, energy planning, food security and “broader security considerations” must be closely aligned to meet the challenging situation.
Participants of the meeting also reviewed the impact of fluctuations in global oil and gas supplies and their impact on Pakistan’s economy.
“The meeting also emphasized the need for public awareness to reduce fuel consumption, encourage the use of public transportation and promote shared ride systems,” the press released added.
Pakistani financial analysts have warned that surging fuel and food prices due to the ongoing Iran war can trigger a balance of payments crisis for the South Asian country.
Pakistan relies on costly crude oil imports from Gulf nations for its fuel needs, a majority of which passes through the strategic Strait of Hormuz waterway.
Iran continues to maintain a chokehold on the strait, saying it would not allow ships linked to its enemies cross the pathway.
Islamabad announced fuel conservation measures earlier this month, which included introducing a four-day working week and closing schools.
Pakistan has also slashed the fuel quota for government vehicles and urged masses to conserve fuel as global shipping lines remain disrupted due to the ongoing war.
