ISLAMABAD – The Government of Pakistan has moved to shield the country from the economic repercussions of the escalating conflict in Iran, with Prime Minister Shehbaz Sharif constituting an 18-member high-level committee to manage the impact of rising international oil prices The move comes in the wake of attacks reported as being carried out by the US and Israel on Iran, which resulted in the martyrdom of Supreme Leader Ayatollah Ali Khamenei and other senior officials
Led by Federal Minister for Finance and Revenue, Muhammad Aurangzeb, the committee is tasked with closely monitoring the volatility in global energy markets and devising a strategy to mitigate the effects on Pakistan's economy Global oil prices have surged, with Brent spiking almost 14%, amid fears that the vital Strait of Hormuz, through which about 20% of global seaborne oil passes, could be shut down The committee, which includes the ministers for petroleum and power, the governor of the State Bank of Pakistan, and representatives from intelligence agencies, will meet daily to assess the supply chain, determine foreign exchange implications, and ensure domestic fuel supplies remain uninterrupted
Meanwhile, the events in Iran have prompted displays of public solidarity within Pakistan. The University of Karachi suspended all classes and examinations scheduled for March 2 to honour the victims, including Ayatollah Khamenei and more than 200 civilians who were also killed in the attacks An official notification from the university registrar confirmed the postponement of all academic activities for the day as a gesture of respect
Mohsin Rana
