LAHORE
Prime Minister Shehbaz Sharif on Saturday directed the preparation of 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 these 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.
Shehbaz Sharif 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 meeting was informed that the prime minister had already constituted a committee last week to assess the global economic impacts of the ongoing tensions and to devise an appropriate strategy.
Due to these timely measures, the country did not face any shortage of petroleum products.
Officials further briefed the meeting that the recent increase in petroleum prices was made on the recommendation of the committee while ensuring that the minimum possible burden of the global price hike was transferred to consumers.
The prime minister directed the committee to work more actively and present easy and practical recommendations for the public at the earliest.
He also issued clear instructions that any petrol pump or company found involved in creating artificial shortages or hoarding should be immediately shut down, its license cancelled and legal action taken against it.
The prime minister further directed the Minister for Finance and the Minister for Petroleum to visit all four provinces and, in coordination with the provincial governments, prepare a strategy to ensure conservation of petroleum products and their uninterrupted supply to the public.
