Middle East | Pakistan

Prime Minister Shehbaz Sharif called on PML-N supremo Nawaz Sharif at their Jati Umra residence in Lahore on Sunday, a statement issued by the PM’s Office (PMO) said, adding that the Middle East conflict and the political situation in the country were discussed during the meeting. Punjab Chief Minister Maryam Nawaz was also present on the occasion. The PMO statement said the premier briefed Nawaz on the “situation in the country” and exchanged views on the political situation. He further informed him about the situation in the Middle East and Pakistan’s efforts for the restoration of peace in the region, the statement added. The conflict in the Middle East, which is now more than two months old, began with US-Israeli strikes on Iran on February 28. And while hostilities have paused following a Pakistan-brokered two-week ceasefire on April 8 — which has been extended indefinitely by US President Donald Trump — the world continues to face its consequences. Pakistan’s civil and military leadership has been engag...

Deputy Prime Minister and Foreign Minister Ishaq Dar on Saturday discussed the regional situation in the Middle East with Kuwait’s Foreign Minister Sheikh Jarrah Jaber Al-Ahmad Al-Sabah, the Foreign Office (FO) said. In a statement, the FO said that the two leaders “discussed the evolving regional situation and exchanged views on its wider economic implications”. Dar underscored Pakistan’s “continued efforts to promote constructive engagement and diplomacy in support of peace and stability in the region and beyond”. “Foreign Minister Sheikh Jarrah commended Pakistan’s sincere efforts aimed at fostering lasting peace and security for the Ummah as well as the wider international community,” the FO statement noted. Both sides reaffirmed the strong fraternal ties between Pakistan and Kuwait and agreed to remain in close contact, it said. Dar’s call with his Kuwaiti counterpart comes amid the crisis in the Strait of Hormuz — a key shipping route in paralysis since the US-Israel war on Iran began on February 28. Th...

Prime Minister Shehbaz Sharif on Wednesday said that the country’s weekly oil bill has reached $800 million due to the ongoing oil crisis arising from the Middle East conflict. Global fuel prices have skyrocketed over the past two months as shipping through the Strait of Hormuz remains paralysed since the US and Israel launched joint strikes on Iran on February 28. Addressing a meeting of the federal cabinet today, PM Shehbaz commended the efforts of Petroleum Minister Ali Pervaiz Malik for tackling the fuel crisis resulting from the Iran war, stating that the situation now appeared “satisfactory”. On that note, the prime minister remarked that fuel prices in the global markets had risen sharply, noting that “our weekly pre-war oil bill was around $300m, and today it is up to $800m”. He further shared that the country’s fuel consumption “had lessened compared to previous weeks”, stressing that the situation was being monitored regularly. “Consultations are also being held with provinces to extend fuel subsidi...

ISLAMABAD - Prime Minister Shehbaz Sharif Monday received a telephone call from António Costa, President of the European Council and during their cordial conversation, the two leaders exchanged views on the current situation in the Middle East.

ISLAMABAD: The government said on Monday that Pakistan’s economic growth would be affected during the current and next fiscal years due to an almost 20 per cent cut in development budget for fuel subsidies and inflationary impacts of global supply chain disruptions amid the war in the Middle East. “This (cut in development budget) will have a negative impact and, coupled with international oil prices and inflation, will result in economic slowdown and affect our growth target of 4.2pc” for the current year, Planning Minister Ahsan Iqbal said while addressing a news conference. This is the first official confirmation of lower than targeted economic growth, although international lenders have projected the growth rate between 3.2pc and 3.5pc. Responding to the question, Iqbal said that the Public Sector Development Programme (PSDP) for the current year had been slashed by Rs173bn to Rs837bn from the Rs1.01 trillion target set in the budget. He said PSDP was reduced to finance the Prime Minister’s Austerity Fund...

The Pakistan Stock Exchange (PSX)’s benchmark index KSE-100 plunged by over 1,700 points on Monday amid uncertainty over the Middle East conflict. The KSE-100 declined by 1,742.31 points or 1 per cent to close at 172,196.70 from the previous close of 173,939.01 points. The KSE-100 rose to an intraday high of 174,523.76 points at around 11:55am, then declined to an intraday low of 169,226.56 points at 1:05pm, before settling at 172,196.70. According to Topline Securities, the trading began on a “subdued note, reversing the previous session’s upward momentum, with the benchmark index declining to an intraday low of 4,712 points”. “Investor sentiment remained cautious amid escalating geopolitical tensions,” it said, citing increased concerns due to the US seizure of an Iranian-flagged cargo vessel in the Strait of Hormuz and uncertainty over Iran’s participation in the 2nd round of US-Iran talks in Islamabad. “Earlier indications of potential diplomatic engagement, including the possibility of a US delegation vi...

China’s President Xi Jinping met with Russian Foreign Minister Sergei Lavrov on Wednesday, Chinese state media said, as a string of leaders of countries impacted by the Middle East war flock to Beijing. Lavrov joins Spanish Prime Minister Pedro Sanchez, Abu Dhabi’s Crown Prince Mohamed bin Zayed Al Nahyan and Vietnam’s President To Lam in meeting with Xi this week. The Russian diplomat told a news conference after meeting Xi that Moscow could “compensate” for China’s energy shortages as shipping through the Strait of Hormuz remains choked by the Iran war. Xi, meanwhile, has sought to position China as a mediator and stable partner in the face of the US- and Israeli-led conflict. Xi told Abu Dhabi’s crown prince on Tuesday that China would play a “constructive role” in promoting peace talks in the Middle East. In talks with Spain’s Sanchez, Xi warned that the world was facing “chaos and turmoil” and “a contest between justice and force”, urging closer cooperation. The Spanish prime minister, meanwhile, welcome...

China opposes any escalation in Middle East

WASHINGTON: The war in the Middle East will have a cascading impact on the global economy, even if the fragile ceasefire announced by US President Donald Trump takes hold, World Bank President Ajay Banga told Reuters in an interview on Friday. And the damage will be far more serious if the ceasefire fails and the conflict escalates, he said. Banga on Tuesday said global growth could be lowered by 0.3 to 0.4 percentage points in a baseline scenario, with an early end to the war, and by as much as 1 percentage point if it endures. Inflation could increase by 200 to 300 basis points, with a much higher impact of up to 0.9 percentage points if the war continues, he said. The war, which has killed thousands of people across the Middle East, has sent the price of oil up by 50pc while disrupting supplies of oil, gas, fertiliser, helium and other goods, as well as tourism and air travel. The two-week ceasefire announced by Trump appears tenuous, with Israel and Iran continuing strikes. Iran said on Friday that blocke...

Islamabad - The war in the Middle East will have a cascading impact on the global economy, even if the fragile ceasefire announced by US President Donald Trump takes hold, World Bank President Ajay Banga tells Reuters in an interview.

The International Monetary Fund (IMF) expects to have to provide up to $50 billion in immediate financial assistance to countries affected by the Middle East war, its managing director said on Thursday, with the crisis likely to have lasting economic effects. “Given the spillovers of the Middle East war, we expect near-term demand for IMF balance-of-payments support to rise to somewhere between $20bn and $50bn, with the lower bound prevailing if the ceasefire holds,” Kristalina Georgieva said, according to prepared remarks shared with AFP. She added that food insecurity due to transport and supply chain disruptions caused by the war was expected to affect at least 45 million people. “Even in a best case, there will be no neat and clean return to the status quo ante,” she said, as a fragile ceasefire appeared to hold on Thursday. The IMF chief was kicking off the annual Spring Meetings co-hosted by the IMF and the World Bank in Washington, which brings together top economic policymakers from around the world. ...

Pakistan has started resuming flight operations after the recent ceasefire in the Middle East, with air traffic gradually returning to normal at major airports across the country.

Deputy Prime Minister and Foreign Minister (DPM/FM), Senator Mohammad Ishaq Dar on Thursday spoke with Uzbekistan’s Foreign Minister Bakhtiyor Saidov to discuss the latest developments in the Middle East and the wider region.

KARACHI: Despite turbulence stemming from the ongoing Middle East conflict, the country received 17 per cent higher remittances in March compared to February, the State Bank of Pakistan announced on Wednesday. The $3.8bn inflow was the highest so far this fiscal year, but it was 5pc lower compared to $4bn in March FY25. The war did not impact remittances from the Middle East, as inflows from almost all countries experienced positive growth. Currency experts said that the higher inflow in March was also due to Ramazan, but the war in the Gulf was more significant than anything else. Pakistanis working in the Gulf countries did not return home; instead, hundreds of Pakistanis have been applying for UAE visas. Pakistan gets fiscal year’s highest inflow of $3.8bn The SBP data showed that the country received a total of $30.321bn during July-March FY26, indicating an increase of 8.2pc or $2.29bn. The country received $28bn in 9MFY25. Remittances are the backbone of the country, as it largely relies on inflows to c...

ISLAMABAD: Opposition Leader in the National Assembly Mehmood Khan Achakzai on Wednesday extended “unconditional support” to the government in its efforts for peace in the Middle East. Responding to Law Minister Azam Nazeer Tarar’s speech, in which he requested the opposition to defer its protest planned for Thursday, Achakzai said that in his speech on Tuesday, he had called for former premier Nawaz Sharif, President Asif Ali Zardari and Imran to sit together in the current situation and move the country forward. He said that he, along with Opposition Leader in the Senate Allama Nasir Abbas, would convince Imran to engage in political dialogue. “I had also said earlier that we should not point fingers at each other. At the very least, we should agree on democratic principles,” he said. “I don’t know why you people think we are mad. Only a mad person would not be happy with today’s success of Pakistan,” he said, lauding the government’s mediatory role in the Middle East crisis. “We will provide you with uncon...

ISLAMABAD - Welcoming the suggestions by the opposition in the current critical scenario, Minister for Finance Muhammad Aurangzeb on Tuesday informed the National Assembly the economic impact of Middle East unrest could continue for further weeks.

ISLAMABAD: Finance Minister Muhammad Aurangzeb on Tuesday said the ongoing conflict sparked by the US-Israeli war on Iran has not adversely impacted Pakistan’s remittances from the Middle East. “Some members spoke of remittances, which is true. [However,] thankfully, there has been no impact on remittances as of yet,” Aurangzeb said while speaking on the National Assembly floor. “However, the reality is, roughly between 40 to 50 per cent of our remittances are coming from the GCC (Gulf Cooperation Council) countries,” the minister said, pointing out the region’s large contribution. “So we are also reviewing its elasticity, that what difference it can make on the balance of payments and the current account,” he added. Noting that other lawmakers had “rightfully” wondered what impacts the conflict would have on Pakistan’s economy, Aurangzeb said the government was regularly monitoring several aspects. “Not only is the oil and gas bill increasing, but trade and insurance cost has gone up and the vessels availabl...

Before war erupted in the Middle East, fisherman Peter Bruce spent about £5,000 ($6,600) on diesel to trawl the North Sea for haddock and cod, the main species used in fish and chips. “Now, the last trip we spent about £10,000,” he told AFP, despite his crew reducing the speed of the boat to save fuel. Bruce, whose boat, Budding Rose, is based in the Scottish port of Peterhead, estimates the extra costs over a year could exceed £100,000. It was not yet clear whether the rise in energy prices would have an immediate effect on the price of fish, Bruce said. But he is worried that the hike in fuel prices will hit customer demand for the classic British meal that was already facing challenges on numerous fronts. Bruce’s catch is sold at auction in Peterhead before being transported around Britain and abroad. He fears that customers “will stop buying so much fish and chips and they’ll stop going out for meals so much”. Classic dish The classic recipe for fish and chips — white fish deep-fried in batter, chips, and...

Bilawal Bhutto Zardari, Chairman of the Pakistan Peoples Party, urged political forces to set aside differences and work collectively in light of escalating tensions in the Middle East.

Flight operations from Pakistan faced significant disruption on Saturday as escalating tensions in the Middle East led to the cancellation of dozens of flights to regional destinations.