Oil and gas shock threatens stability warn PTI leaders from jail

Islamabad -(Web Desk) – Senior leaders of Pakistan Tehreek-e-Insaf who are in Kot Lakhpat Jail have shared serious concerns about the country’s economy. They said rising oil and gas prices, along with tension in the Gulf, may create big problems for Pakistan in the coming days.

In a joint message, Shah Mahmood Qureshi, Yasmin Rashid, Ejaz Chaudhry, Mian Mahmood ur Rasheed and Omar Sarfraz Cheema said Pakistan may be safe from direct attacks, but its economy is under pressure. They said the country is being hit by “oil and gas missiles.”

They warned that if the Gulf situation stays tense, Pakistan’s economy could suffer badly. They said the country worked hard in the last three years to bring stability, but rising energy costs are now creating new challenges. Talks with the International Monetary Fund could also face delays.

The leaders said Pakistan is already struggling to meet its targets. Exports are slow and revenue is not improving much. They said weak planning and lack of reforms have made things harder.

They also explained that Pakistan depends a lot on imported oil. If prices reach around 100 dollars per barrel, the import bill will increase. This can raise the trade gap and put more pressure on foreign reserves.

They showed concern for farmers too. Higher diesel prices during wheat harvest and expensive fertilizer before the Kharif season can increase their costs. This may reduce crop output and lower rural income.

The textile sector may also face trouble. Cotton production is low, and the industry now depends more on imports. Expensive fuel will raise the cost of materials and hurt businesses.

Trade figures are also worrying. Food imports have increased, while exports have dropped in recent months.

They said remittances may also be affected. A large part comes from workers in Gulf countries. If the situation there gets worse, jobs may be at risk and money sent back home could fall.

The leaders warned that higher fuel prices may increase inflation again. This can undo the progress made by the State Bank of Pakistan. It may also become difficult to reduce interest rates, which can slow business activity.

They also said better law and order is very important. Safety of foreign workers, especially Chinese nationals, must be ensured to attract investment. They warned that economic uncertainty may also affect future financial deals.

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They criticized government spending and called for careful use of money. They said spending on luxury items is not right in tough times. They also suggested focusing on low cost projects like waterways.

In the end, they said political and economic stability go together. They added that normal routine will not work now, and national interest should come first. The message was shared through their lawyer, Advocate Rana Mudassar Umer.