US-Iran war dealt serious blow to Pakistan's economic gains: PM Shehbaz

Prime Minister Shehbaz Sharif on Wednesday said that the US-Iran war has dealt a serious blow to Pakistans economic progress made over the past two years, as he asserted that his government will continue its efforts to help ease tensions between the two warring sides and restore peace in West Asia.

Prime Minister Shehbaz Sharif on Wednesday said that the US-Iran war has dealt a serious blow to Pakistan's economic progress made over the past two years, as he asserted that his government will continue its efforts to help ease tensions between the two warring sides and restore peace in West Asia. Noting that fuel prices in the global markets had risen sharply since the war started in February, he said, ''Our weekly pre-war oil bill was around USD 300 million, and today it is up to USD 800 million''. Speaking during a Cabinet meeting here, Shehbaz said a task force is monitoring the situation daily, Geo TV reported. He said collective efforts are needed to tackle the challenges. Apprising the Cabinet about the progress made in the US-Iran talks and Pakistan's efforts to ease tensions in the region, Shehbaz said Islamabad made sincere efforts to promote regional stability. He said that talks between Iran and the US started in Islamabad on April 11 and continued for 21 hours, adding that a ceasefire between the two sides is currently holding. ''Iran's Foreign Minister Abbas Araghchi arrived in Pakistan with his team for the second phase of the negotiations. Important meetings were held with them,'' he said while talking about Araghchi's whirlwind visits to Islamabad, Muscat and Moscow over the weekend. ''Before the Iranian foreign minister visited Russia, I spoke with him on the phone, in which he assured me that all his meetings in Oman were held with sincerity of intent, and after consultation with his leadership...he will give a positive response soon,'' the prime minister added. He expressed hope that the conflict would end soon. Pakistan plans to host a second round of talks between the United States and Iran. The Iranian minister made two brief visits to Pakistan within 48 hours over the weekend, meeting with Chief of Defence Forces and Chief of the Army Staff Field Marshal Asim Munir and Shehbaz to discuss the regional situation. Shehbaz also praised Field Marshal Munir and Deputy Prime Minister and Foreign Minister Ishaq Dar for trying ''their best to restore peace in the region''. Trump on Sunday reiterated that the US and Iranian officials can talk by phone for a peace solution to the conflict. Last week, Trump extended the two-week ceasefire with Iran indefinitely to give Tehran more time to prepare a unified proposal to end the war. The war began when the US and Israel jointly attacked Iran on February 28, killing Iranian Supreme Leader Ayatollah Ali Khamenei and several top commanders. The retaliation by the Islamic Republic extended the war to the entire Gulf region.