PM Shehbaz orders austerity measures

ISLAMABAD:

In a back-to-back meetings, Prime Minister Shehbaz Sharif on Saturday directed the ministries concerned to prepare a comprehensive plan based on austerity and savings in view of the existing global economic pressures caused by tensions in the neighbouring region.

He issued the directions while chairing a review meeting on the country's economic situation in the current global context. During the meeting, participants were briefed on the recent global tensions and their economic impact on the region.

The prime minister instructed authorities to formulate a strategy focused on economic growth, simplicity and savings. He directed the committee concerned to present practical and workable recommendations within the next 48 hours.

The prime minister emphasized that the proposed strategy should ensure that the burden on the public remains minimal while public relief is given top priority. He was also briefed by the committee actively working on the matter.

The prime minister also directed the finance and petroleum ministers to visit all four provinces and develop a coordinated strategy with provincial governments to conserve petroleum products while ensuring their uninterrupted supply across the country.

The instructions were issued during a meeting chaired by the prime minister to review the country's economic situation, according to a statement released by the Prime Minister's Office (PMO).

During the meeting, officials briefed the premier on the evolving global situation and its economic implications for the region.

The prime minister also instructed authorities to take strict action against hoarding and artificial shortages. Any petrol pump or company found involved in such practices, he said, should be closed immediately, have its licence revoked and face legal action.