President chaired high-level meeting on worsening economy, energy situation

ISLAMABAD: Top civil and military leadership on Thursday reviewed the worsening economic and energy situation in Pakistan triggered by oil supply constraints and rising petroleum prices, alongside regional security developments.

According to the statement by the President’s Secretariat, the President Asif Ali Zardari chaired a high-level consultative meeting at Aiwan-e-Sadr, where Prime Minister Shehbaz Sharif and Chief of Defence Forces Field Marshal Asim Munir were also present.

Key members of the federal cabinet and senior officials attended the meeting. Among those present were Deputy Prime Minister and Foreign Minister Ishaq Dar, Bilawal Bhutto Zardari, Interior Minister Mohsin Naqvi, Finance Minister Muhammad Aurangzeb, Petroleum Minister Ali Pervaiz Malik, and Economic Affairs Minister Ahad Khan Cheema.

The statement said that “the meeting reviewed the impact of fluctuations in global oil and gas supplies and prices on Pakistan’s economy, with particular focus on managing inflationary pressures and ensuring energy security.”

The Ministers for Finance and Petroleum briefed the meeting on ongoing measures to stabilise petroleum prices, manage the effects of rising fuel costs on other sectors of the economy, and enforce fiscal discipline through austerity measures to reduce expenditure pressures.

“The broader regional situation also came under discussion, including its implications for Pakistan’s security, economic outlook, and food security,” it added.

Furthermore, the top leadership emphasised the need for a coordinated national response, noting that policy decisions must prioritise stability while safeguarding the interests of the public.

The meeting underscored the importance of maintaining national consensus and strengthening institutional coordination in view of emerging regional challenges.

“It was agreed that economic management, energy planning, food security, and broader security considerations must remain closely aligned to meet this challenging situation.”

The meeting also emphasised the need for public awareness to reduce fuel consumption, encourage the use of public transportation, and promote shared ride systems.