Speaking on Geo News programme Aaj Shahzeb Khanzada Kay Saath, the minister referred to a meeting held a day earlier, attended by the chief ministers of all four provinces.

“The participants sought consideration over early market closures as part of the austerity measures,” he said, adding that markets could be shut earlier than usual if the proposal is approved.

He noted that wedding halls and restaurants would be allowed to operate until 10pm under the proposed plan.

Global energy markets were disrupted after the United States and Israel launched joint strikes on Iran on February 28, prompting Tehran to effectively block the Strait of Hormuz and target oil infrastructure across the Gulf region.

Pakistan introduced a broad austerity and fuel conservation plan, initially raising petrol and diesel prices by Rs55 per litre on March 6. Prices later surged to Rs458.51 per litre before easing to Rs378.41 per litre following a reduction of Rs80.

During the interview, Malik highlighted the gravity of the economic situation, stating that the government is preparing for significant financial challenges.

He said Finance Minister Muhammad Aurangzeb is scheduled to travel abroad next week for key meetings with the International Monetary Fund and the World Bank, where Pakistan will present the scale of economic pressures and seek a reassessment of its economic framework.

The minister also pointed to support from the United Arab Emirates, which has maintained deposits of 3.5 billion dollars in Pakistan during difficult times.

“If any country requests the return of its loans, Pakistan has made the necessary arrangements to respond,” he added.

On the energy front, Malik said that following disruptions in gas supply from Qatar, domestic gas fields have stepped in, providing between 400 to 500 MMCFD to stabilise supply.

His remarks came days after a proposal for a nationwide smart lockdown was opposed during a high level meeting chaired by President Asif Ali Zardari in Islamabad.

Sources said provinces resisted the move and disagreed with enforcing a nationwide policy, prompting the federal government to call for coordinated efforts and contributions to a Rs254 billion relief package.