Web Desk

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.

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

ISLAMABAD: Pakistan&#39;s Prime Minister Shehbaz Sharif on Friday directed provincial governments to take strict legal action against those involved in hoarding petroleum products and creating artificial shortages in the country.&nbsp;Chairing a high-level meeting on petroleum supplies in Islamabad, the prime minister was briefed by the Ministry of Petroleum on the country&rsquo;s fuel reserves in the context of the&nbsp;<a href="https://www.pakistantv.com/article/pakistan-urges-restraint-as-pm-sharif-intensifies-diplomacy-over-middle-east-war" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">evolving regional situation</a>.&nbsp;Officials informed the meeting that Pakistan currently has adequate stocks of petroleum products to meet domestic requirements.&nbsp;The prime minister, however, warned against profiteering and instructed provincial authorities to act firmly against hoarders. He said any petrol pump found involved in creating artificial shortages should be immediately sealed, its licence cancelled, and legal action initiated.&nbsp;Sharif also directed the federal petroleum minister to visit provinces and coordinate with provincial governments to develop a comprehensive plan to ensure the conservation of petroleum products and their uninterrupted supply to the public. The prime minister further ordered the establishment of a digital dashboard to monitor the movement of petroleum products, enabling real-time data sharing with provinces to ensure effective oversight of fuel transportation and distribution. The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, federal ministers Jam Kamal Khan, Ahsan Iqbal Cheema, Muhammad Aurangzeb, Attaullah Tarar, Ali Pervaiz Malik, Owais Leghari, Minister of State Bilal Azhar Kayani, Special Assistant to the Prime Minister Haroon Akhtar Khan, and State Bank Governor Jameel Ahmad.&nbsp;Chief secretaries from all four provinces, as well as Azad Jammu and Kashmir and Gilgit-Baltistan, also attended the meeting along with senior government officials.

Prime Minister Shehbaz Sharif chairs a high-level meeting on petroleum supplies in Islamabad on Friday, March 6, 2026, directing authorities to crack down on petrol hoarding and establish real-time monitoring of fuel stocks. (Photo: Handout/PMO)

Directs federal petroleum minister to visit provinces and coordinate with provincial governments to develop a comprehensive plan to ensure the conservation of petroleum products and their uninterrupted supply to the public.


Pakistan cracks down on fuel hoarders amid Middle East tensions

Saqib Tanveer

VIENNA: Pakistan&#39;s Prime Minister Shehbaz Sharif will make a historic visit to Austria starting Sunday, the first by a Pakistani premier in 34 years since the last visit in 1992, the country&rsquo;s ambassador said. Speaking to Pakistan TV Digital, Pakistan&#39;s Ambassador to Austria Mohammad Kamran Akhtar said the visit coincides with the 70th anniversary of diplomatic relations between the two countries, established in 1956. &quot;There has been a sort of communication gap between Pakistan and one of the most important countries of European Union,&quot; Akhtar said. &quot;It might not be a large country, but it is very significant in terms of being the capital of international diplomacy, multilateralism and international negotiations.&quot; Bilateral meetings and economic engagement PM Sharif will meet the Austrian Chancellor Christian Stocker for private talks followed by bilateral delegation-level meetings covering issues on the agenda between the two countries, according to the ambassador. The schedule includes a CEO forum co-chaired by PM Sharif and Stocker, bringing together leadership from Pakistani and Austrian companies already doing business in Pakistan. &quot;The Chancellor of Austria, since he will be co-chairing, that sends a very strong signal in Austria&#39;s interest in increasing its economic collaboration with Pakistan,&quot; the ambassador said. In the afternoon, PM Sharif will chair a larger business forum before proceeding to UN premises in Vienna, where he will deliver a keynote address at an event on sustainable development. UN agencies and development programs Vienna hosts three UN agencies critical to Pakistan: the International Atomic Energy Agency (IAEA), the United Nations Industrial Development Organization (UNIDO), and the United Nations Office on Drugs and Crime (UNODC). Kamran Akhtar said Pakistan maintains active country programs with all three agencies, benefiting from IAEA technical cooperation in peaceful nuclear power generation, cancer diagnostic and treatment, and development of climate-resistant crop varieties. He stated that UNIDO assists Pakistan with industrial development and the transition to low-carbon energy pathways, while&nbsp;UNODC provides capacity building and technical assistance for addressing drug-related challenges from Afghanistan. The ambassador revealed that during the current visit, Pakistan will sign a new country program with UNODC covering 2026 to 2030. Education opportunities for Pakistani students On education cooperation, the ambassador said approximately 400 Pakistani PhD students have completed their studies in Austria since the Higher Education Commission launched its program in 2012. Currently, around 500 Pakistani students study at undergraduate, postgraduate and doctoral levels across Austrian universities, primarily in science, technology and engineering fields. The Pak-Austria Fachhochschule in Haripur was established in collaboration with 11 Austrian tertiary institutions and five Chinese institutions. A new branch is planned for Sialkot. The ambassador said Austrian public universities charge nominal fees, making study affordable for Pakistani students who achieve C1-level proficiency in German. He added that Austria faces an acute shortage of trained manpower, and Pakistani students who perform well can secure employment in the Austrian economy.

Pakistan's Ambassador to Austria Muhammad Kamran Akhtar speaking to Pakistan TV Digital. 

Foreign Affairs

The visit coincides with the 70th anniversary of diplomatic relations established in 1956. PM Sharif will meet Austrian Chancellor Christian Stocker for bilateral talks and chair business forums.

Pakistan PM to visit Austria for first time in 34 years 

ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif acknowledged the World Bank Group&rsquo;s valuable support, which has been instrumental in advancing the country&rsquo;s economic development and reforms, state-run Associated Press of Pakistan (APP) reported on Monday. He was talking to World Bank Group (WBG) President Ajay Banga, who called on him at the PM House. Sharif <a href="https://www.pakistantv.com/article/come-and-visit-us-pakistan-sees-market-at-the-cusp-of-transformation" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">welcomed </a>Ajay Banga on his first official visit as president of the WBG. The prime minister appreciated the <a href="https://www.pakistantv.com/article/pakistan-missing-60bn-export-potential-warns-world-bank" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">WBG </a>for its long-standing partnership with Pakistan and its commitment to supporting the country&rsquo;s development priorities, especially through the 10-year World Bank Group Country Partnership Framework (CPF). Impactful development partnerThe premier also appreciated Banga&rsquo;s leadership in transforming the WBG into a more impactful development partner. He stated that the government was vigorously working on an economic reform agenda with a multi-pronged, comprehensive, structural, homegrown program aimed at sustainable economic stability. The prime minister appreciated the support of the WBG in resilient infrastructure, agribusiness, digital development, energy, human capital, fiscal reforms, and increasing productive private investment for job creation and growth. PM Shehbaz and Banga reiterated the need to fast-track implementation and ensure strong oversight to deliver impact at speed and scale on CPF-aligned priorities. These measures would duly assist the prime minister&rsquo;s initiative to address and resolve implementation bottlenecks in development projects. Commitment to structural reformsThe prime minister expressed the government&rsquo;s commitment to structural reforms that would unlock job-rich growth and further strengthen investor confidence. Banga expressed his gratitude to the prime minister for his reception and hospitality in Pakistan. Banga commended the Government of Pakistan&rsquo;s ongoing reform efforts and reaffirmed his commitment to deepening cooperation through a One World Bank Group approach. He added that greater leverage of private resources, in addition to strong coordination with development partners, was necessary to meet the ambitions of the government&rsquo;s reform agenda.

The prime minister appreciates the support of the WBG in resilient infrastructure, agribusiness, digital development, energy, human capital, fiscal reforms, and increasing productive private investment for job creation and growth.

PM Sharif lauds World Bank support for Pakistan’s economic development, reforms

DAVOS: International Monetary Fund Managing Director Kristalina Georgieva on Friday praised Prime Minister Shehbaz Sharif as &ldquo;a man of his word,&rdquo; endorsing Pakistan&rsquo;s commitment to politically difficult economic reforms under its IMF program.&nbsp;Speaking to Pakistan TV Digital on the final day of the World Economic Forum 2026 in Davos, Georgieva said Pakistan&rsquo;s government had demonstrated seriousness in implementing reforms agreed with the Fund. &nbsp;&ldquo;The Pakistani government has embraced serious reforms and the fruits of action are already there,&rdquo; she said. &ldquo;We are finally seeing the budget discipline bringing resources that can be deployed to improve lives of people.&rdquo;&nbsp;Georgieva said the IMF was encouraged by the pace and intent of implementation, signalling continuity in engagement with Islamabad.&nbsp;&ldquo;I very much look forward to continuing the implementation of the program that is the Pakistani program, the IMF,&rdquo; she said.&nbsp;The IMF chief spoke in personal terms about her interactions with Sharif, underscoring trust between the two sides.&nbsp;&ldquo;I highly respect the Prime Minister. He is serious. When he gives his word that something would be done, it gets done,&rdquo; she said.&nbsp;Describing recent meetings, Georgieva noted a focus on accountability and follow-through. &ldquo;We have been in meetings many times,&rdquo; she told Pakistan TV Digital. &ldquo;We always use time effectively to identify where progress is made, where there is still more work to do.&rdquo;&nbsp;&ldquo;And that was exactly the case this time.&rdquo;&nbsp;She concluded by commending the government&rsquo;s resolve to press ahead with reforms despite domestic pressures. &ldquo;So, my high respect for the seriousness of the Prime Minister and his cabinet to carry forward difficult reforms for the betterment of Pakistan.&rdquo;&nbsp;Her remarks signal continued IMF confidence in Pakistan&rsquo;s reform trajectory, even as the country grapples with inflation, fiscal tightening, and the social costs of stabilization measures.

Europe

Kristalina Georgieva praises Prime Minister Shehbaz Sharif in Davos, citing serious reforms, budget discipline, and continued confidence in Pakistan’s IMF-backed economic programme.

Articles tagged with "Pakistan Prime Minister Shehbaz Sharif"

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

Pakistan cracks down on fuel hoarders amid Middle East tensions

Pakistan PM to visit Austria for first time in 34 years

PM Sharif lauds World Bank support for Pakistan’s economic development, reforms

IMF chief calls PM Sharif ‘man of word,’ lauds Pakistan for undertaking difficult reforms