The government is set to announce a national austerity plan today (Monday) in view of the prevailing international situation following the US-Israeli air strikes on Iran and Tehran’s retaliatory attacks.

Chairing a meeting in Lahore on Sunday, Prime Minister Shehbaz Sharif said that timely steps to ensure economic stability are essential in view of the escalating regional tensions.

The prime minister said the government was closely monitoring developments and would take all necessary decisions to safeguard the national economy.

During the briefing, officials informed the meeting that the current regional situation could affect Pakistan’s economy, particularly through disruptions in energy supplies and fluctuations in global commodity prices.

The government, they said, was taking precautionary measures in advance to mitigate potential impacts.

The prime minister directed the federal cabinet, elected representatives and senior officials at both federal and provincial levels to play their full role in ensuring relief for the public and promoting efficient use of national resources.

He also stressed that ministers and government employees must adopt simplicity and austerity during the challenging economic period.

“Once this difficult phase passes and the economy strengthens, the government will provide maximum possible relief to the public,” the premier said.

Officials presented several proposals related to austerity and savings aimed at stabilising the economy.

The meeting emphasised that the austerity directives would not apply to the industrial and agricultural sectors to ensure that production, exports and food security remain unaffected.

The prime minister also underscored that the burden of austerity should be shared fairly and called on privileged and elite segments of society to set an example by voluntarily accepting necessary adjustments.

Officials also briefed the meeting that adequate reserves of petrol, diesel and other petroleum products were available in the country and arrangements had already been made to deal with any emergency situation.

At the same time, the need for prudent energy management and careful fuel consumption was highlighted.

The meeting was informed that the Ministry of IT would introduce a system for continuous monitoring of demand and supply to help ensure efficient use of government resources and energy.

Chief secretaries of the four provinces also briefed the prime minister on economic activity, energy consumption and administrative preparedness in their respective provinces.

The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal and other senior officials.