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ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Monday announced austerity measures amid rising global oil prices, citing disruptions to trade in the Strait of Hormuz. Addressing the nation, the prime minister said the federal and provincial governments had unanimously decided on austerity measures, including a 50% immediate cut in fuel for government vehicles for two months. Ambulances and public buses will be exempt, he said. The prime minister said that in the public and private sectors, 50% of staff will work from home, excluding essential services. He added that offices will remain open only four days a week to save fuel, noting that this does not apply to banks, industry, or agriculture. According to him, two-week school holidays will begin at the end of this week, while higher education will move to online classes. He said that 60% of government vehicles will be grounded for the next two months, while cabinet members and ministers will not take salaries for two months. Sharif also announced a complete ban on foreign travel for ministers and officials, including the prime minister, chief ministers, and governors, unless the visits are essential for national interest. He added that teleconferencing will be prioritized to reduce fuel use. Speaking about hoarders and profiteers, the prime minister warned that the law would &ldquo;act against them&rdquo; without discrimination. The prime minister&rsquo;s address comes at a time when the global economy and oil supply chains are being severely affected by clashes along key Middle Eastern trade routes.

Economy

Pakistan Prime Minister Shehbaz Sharif announces austerity measures amid soaring global oil prices and disruptions to trade in the Strait of Hormuz.

Articles tagged with "austerity measures"

Pakistan announces austerity measures amid oil supply disruptions due to Mideast clashes

Pakistan announces austerity measures amid oil supply disruptions due to Mideast clashes