Middle East | Pakistan

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.

Prime Minister’s Adviser on Political Affairs Rana Sanaullah on Friday said that the prices of petroleum products had increased due to the ongoing war in the Middle East, adding that the government “has nothing to do with it”. His remarks come a day after an unprecedented increase of 43 per cent and 55pc in the prices of petrol and high-speed diesel (HSD), respectively, to cushion the impact of global oil price shocks amid the US-Israel war on Iran. The decision was heavily criticised by the government’s opponents. In a televised address, Sanaullah said that there was no example of such an increase in global petroleum prices in the past. “This rise is also hitting Pakistan, that’s why we increased petrol and diesel prices yesterday,” he said. He said that before announcing the hike in prices, the government undertook major austerity measures. “The government spent Rs129 billion and didn’t allow the burden to pass on to the public for the past three weeks,” he said. However, this could not go on forever, he sa...

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index continued its bullish momentum on Wednesday, surging by over 6,700 points as investors appeared hopeful of de-escalation in the Middle East. The KSE-100 index climbed by 6,768.25 points, or 4.55 per cent, to close at 155,511.56 from the previous close of 148,743.31. The market fluctuated between an intraday low of 151,262.76 points at opening and surged by 8,603.86 points to reach an intraday high of 157,347.17 at 1:13pm. AKD Securities Ltd said the KSE-100 was eyeing recovery on “rising hopes of Middle East de-escalation”. “KSE-100 index is expected to rebound after recording its worst monthly performance in March 26 in the past six years, as the likelihood of de-escalation in the Middle East conflict increases,” it noted. Arif Habib Ltd highlighted China and Pakistan’s joint call for an immediate ceasefire in the Iran war, noting that “additional news flow has also been positive with regards to de-escalation”. “Further positive news flow will drive...

China’s Foreign Minister Wang Yi has conveyed Beijing’s appreciation for Pakistan’s “active diplomatic role” and efforts towards ending the Middle East conflict, the Foreign Office (FO) said on Wednesday. Wang made the remarks during his meeting with Deputy Prime Minister and Foreign Minister Ishaq Dar in Beijing on Tuesday, where the two sides had issued a five-point initiative for restoring peace in the Middle East. Referring to their discussions, the FO said in a statement, “The meeting was marked by traditional warmth and cordiality. Both dignitaries exchanged notes on the regional developments in West Asia as well as bilateral relations.” Dar briefed Wang in detail on Pakistan’s continued efforts towards the cessation of the Middle East conflict and resumption of dialogue, including its recent quadrilateral meeting in Islamabad with the foreign ministers of Saudi Arabia, Turkiye and Egypt. According to the FO, both sides “reviewed the regional security environment and expressed deep concern over its seri...

Pakistan and China on Tuesday issued a five-point initiative for restoring peace and stability in the Gulf and the Middle East amid the US-Israeli war on Iran, in which they called on the immediate cessation of hostilities and starting peace talks as soon as possible. The development came as Deputy Prime Minister and Foreign Minister Ishaq Dar undertook a one-day visit to Beijing at the invitation of China’s Foreign Minister Wang Yi, for “in-depth discussions on regional developments”, according to the Foreign Office (FO). In a statement released after the meeting, the FO said the two reviewed the situation in the Gulf and Middle East region and put forward five points. Both countries called for the “immediate cessation of hostilities and utmost efforts to prevent the conflict from spreading”. Humanitarian assistance must be allowed to all war-affected areas, the statement said. The two countries also called for starting peace talks as soon as possible. “Sovereignty, territorial integrity, national independen...

Iran’s blockade of the Strait of Hormuz trade route in the Middle East war is driving up the costs of shipping fuel and goods around the world, industry data shows. Prices have risen because of falling capacity, with ships staying put in the Gulf for fear of attack if they set sail. Other ships are taking long, costly alternative routes to avoid the strait — while the reduction of oil flows has raised the price of boats’ fuel. “We’ve had to stop bookings … from and to the upper Gulf region because we can’t get the ships in nor out,” said Rolf Habben Jansen, chief executive of major container shipping line Hapag-Lloyd last week, estimating the war had driven up costs by “$40, 50 million per week”. “A big chunk of that is bunker fuel prices, but also in categories like insurance or container storage and inland transportation, we have seen costs go up, and we have six ships that we cannot use today, which reduces the available capacity,” he told a news conference. Here are five data indicators of how the crisis ...

Flight operations across Pakistan faced major disruption on Tuesday, with 62 flights cancelled due to the escalating crisis in the Middle East.

Pakistan has stepped up its diplomatic efforts to help ease tensions in the Middle East, as foreign ministers from key regional countries gather in Islamabad for high-level discussions.

Seafarers’ helplines say they are overwhelmed with messages from crews stuck in the Gulf by the Middle East war, desperately seeking repatriation, compensation and onboard supplies. “Writing to urgently inform you that our vessel is currently facing a critical situation regarding provisions and one crew health conditions,” read an email from one seafarer on March 24 to the International Transport Workers’ Federation (ITF)’s Seafarer Support team. “Immediate supply of food, drinking water, basic necessities is required to sustain the crew,” said the message to the team’s helpline. The ITF said it had received more than 1,000 emails and messages from seafarers stuck around the Strait of Hormuz and the wider region since the war erupted with US-Israeli strikes on Iran on February 28. Bomb strikes Some sought to clarify what their rights are while navigating a war zone, while others sent videos of bombings striking next to their ship and asked the federation for help to get off board, according to ITF documents s...

GILGIT: While concerns had been raised about the potential adverse impact of the escalating war in the Middle East and the resulting rise in fuel prices on Gilgit-Baltistan’s tourism and hospitality industry, the situation on the ground suggests otherwise, with a surge in both foreign and domestic tourists. According to officials from the GB tourism department, applications from foreign adventure tourists for climbing and trekking permits have already surpassed last year’s figures. An official told Dawn that the tourism season typically begins in May, although both foreign and domestic visitors also arrive during the blossom season, which peaks towards the end of April. Despite tensions in the wake of the US-Israel war on Iran as well as the fuel price hike, the number of tourists in Skardu has significantly increased since Eidul Fitr. Applications from foreign adventure tourists for climbing and trekking permits has surpassed last year’s figures The official noted that a large number of both foreign and dome...

ISLAMABAD - Prime Minister Shehbaz Sharif Saturday said the government was making every effort to mitigate the impact of ongoing conflict in the Middle East.

Prime Minister Muhammad Shehbaz Sharif, Saturday, said the government was making every effort to mitigate the impact of the ongoing conflict in the Middle East.

Pakistan and China have reaffirmed their shared commitment to promoting peace and stability in the Middle East, calling for urgent diplomatic measures to de-escalate ongoing regional conflicts.

Prime Minister Shehbaz Sharif highlighted Pakistan’s constructive role in promoting de-escalation and regional stability while discussing the situation in the Middle East with Chinese Ambassador Jiang Zedong on Thursday. On Monday, Pakistan took centre stage in a coordinated diplomatic push alongside Turkiye and Egypt for de-escalation, as the trio appeared instrumental in securing a five-day pause of US plans to strike Iranian energy and power infrastructure, officials said, describing the effort as going beyond routine crisis management. A press release by the Prime Minister’s Office (PMO) said that the Chinese ambassador called on the premier at the PM House today. Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar, Special Assistant to the Prime Minister Syed Tariq Fatemi, and the foreign secretary were also present, it said. PM Shehbaz appreciated China’s “steadfast economic support” and reaffirmed Pakistan’s commitment to advancing CPEC 2.0, “with a focus on agriculture, industrial co...

KARACHI: Petroleum dealers announced on Wednesday that they were postponing a strike they planned to begin on March 26, keeping in view the situation resulting from the ongoing Middle East conflict, which has given rise to a global fuel crunch and supply uncertainties. Pakistan Petroleum Dealers Association (PPDA) Chairperson Abdul Sami Khan told Dawn that “we have postponed the strike, keeping in view the hardships consumers will face if the war escalates and leads to a supply chain crisis of petroleum products”. He did not give a confirmed date till when the strike was being postponed. Asked if the PPDA would call a strike in the near future, he said, “I cannot confirm right now as the situation is highly volatile.” The association had announced the strike on March 13 and given the government until March 26 to revise the petroleum dealers’ margin from 2.59 per cent to 8pc in the wake of a Rs55 per litre hike in diesel and petrol rates. The decision to raise the prices was announced on March 6 as Pakistan fe...

The Asian Development Bank (ADB) on Tuesday announced a financial support package to help its developing member countries mitigate the economic and financial impacts resulting from the conflict in the Middle East. A press release issued by the lender quoted ADB President Masato Kanda as saying, “ADB will deliver rapid, flexible, and scalable assistance to help countries manage immediate pressures and strengthen long-term resilience, notably fast-disbursing budget support and trade and supply chain finance to secure the import of essential goods, now including oil.” Kanda further said that this built on the ADB’s track record of supporting Asia and the Pacific through “periods of global uncertainty”. ADB has ample resources to safeguard existing and planned operations, while expanding emergency support in line with developing member countries’ needs, including utilising its countercyclical lending buffer, the statement said. It added that the bank was closely monitoring global market developments and their pot...