Shehbaz Sharif Announces Austerity Measures Amid Iran Conflict

Prime Minister Shehbaz Sharif announced measures to offset economic impacts from the Iran conflict, including a four-day workweek and reduced fuel usage. The conflict raises oil prices and disrupts supply chains. Government expenses and salaries will be cut, and non-essential travel and purchases are banned.

Prime Minister Shehbaz Sharif has unveiled a series of austerity measures in response to the ongoing conflict involving Iran, the US, and Israel. According to Sharif, these steps are vital to counter the economic ripple effects of rising oil prices and disrupted supply chains.

Addressing the nation via state-run PTV and private channels, the Prime Minister announced significant changes such as a four-day workweek and teleworking for 50% of public and private sector employees. Banks and key industries will be exempt from these new mandates. Additionally, stringent cuts on government spending and salaries were introduced.

These newly implemented fiscal restraints aim to conserve resources amidst the volatility in the Persian Gulf, particularly with the Strait of Hormuz experiencing closures. In a broader appeal, Sharif urged Pakistan's elite to support these measures, pledging to shield the public from additional financial burdens despite raising petroleum prices.

(With inputs from agencies.)