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News Topical, Digital Desk : In response to rising oil prices, Pakistan's Prime Minister Shahbaz Sharif has announced cost-cutting measures. Under the new plan, government offices will now be open only four days a week, and half of employees will work from home. Schools have also been closed for two weeks.
According to Geo News, the Pakistan government has banned foreign trips by ministers and advisors. Ministers will not take salaries for two months, and MPs will face a 25% salary cut. For the next two months, government vehicles will receive 50% less fuel. 60% of government vehicles will be out of service. All government departments will cut their expenditures by 20%.
Prime Minister Shahbaz Shafeen said that due to the war, crude oil prices have increased from $60 to more than $100 per barrel, due to which these decisions have been taken.
Pakistan has increased the prices of petrol and diesel by nearly 20 percent. Petrol and diesel prices have risen by ₹55 per liter. Following the price hike, petrol in Pakistan now costs ₹335.86 per liter and diesel ₹321.17 per liter.
Pakistan extends its hand to Saudi Arabia
Pakistan has reached out to Saudi Arabia, making several demands. These include converting the existing $5 billion deposit into a 10-year facility and increasing the deferred payment facility for oil supplies from $1.2 billion to $5 billion.
Saudi Arabia's response to Pakistan's demands was not immediately known, according to The News newspaper. Pakistan, meanwhile, is in talks with the International Monetary Fund (IMF) to complete the third review under the $7 billion Extended Fund Facility (EFF).
The news agency quoted top official sources as saying that Pakistan's economic problems are increasing due to the ongoing geopolitical tensions amid the US-Israel led war against Iran.
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