Prime Minister Shehbaz Sharif on Wednesday directed authorities to formulate a comprehensive medium- and long-term strategy to mitigate the economic and financial impact of rising international market prices, as regional tensions continue to strain global supply chains.

Chairing a high-level meeting in Islamabad, the prime minister said the strategy must be developed in close coordination with all relevant ministries and institutions, with a clear focus on economic stability and sustained growth across key sectors.

He instructed officials to propose effective measures to cushion the impact of rising production costs on exports and overall national output, while ensuring optimal utilisation of available resources to protect agricultural and industrial production.

Referring to the broader global context, PM Shehbaz noted that many countries are struggling to maintain the balance of supply and demand for essential commodities. He, however, expressed satisfaction that Pakistan has so far managed the situation “effectively and in a timely manner.”

The prime minister appreciated the proactive steps taken by relevant institutions to avert any emergency in the supply of essential items, and called for continued vigilance to safeguard public welfare.

Officials informed the meeting that work is underway on a comprehensive plan to boost exports of surplus production after meeting domestic food requirements, aimed at strengthening the country’s external sector.

Reaffirming the government’s commitment, PM Shehbaz said all necessary measures would be taken to ensure economic stability, growth and relief for the public. He also praised the coordinated response of stakeholders in addressing financial challenges and directed further strengthening of inter-institutional cooperation.

The meeting was told that ministries and institutions are conducting daily reviews of the evolving economic situation, particularly in light of ongoing tensions in the Middle East and their potential spillover effects on global markets.