According to officials, the meeting reviewed the option of implementing smart lockdowns across Pakistan, but provinces resisted the move, citing concerns over its impact and feasibility at a national level.
The discussions focused on balancing economic stability with rising challenges linked to increasing global oil prices, driven by the ongoing Middle East conflict involving the United States, Israel, and Iran.
Participants agreed to strengthen austerity measures and ensure strict implementation of policies aimed at conserving energy and fuel. The federal government also urged provinces to share the burden of a Rs254 billion relief package, emphasizing the need for a coordinated national response.
To further deliberate on the issue, a sub-committee comprising provincial finance ministers was formed to reassess proposals related to smart lockdowns. The committee is expected to review recommendations and report back with a consensus approach.
Officials stressed that close coordination between the federal and provincial governments would be critical in managing the evolving situation while safeguarding economic stability.
The broader crisis has intensified following the regional conflict that began on February 28, with additional escalation from Yemen’s Houthi forces and disruptions in key shipping routes. Iran’s effective restriction of traffic through the Strait of Hormuz—a vital corridor for global oil supply—has driven sharp increases in energy prices.
Brent crude futures have surged by 59% in March, marking their highest monthly gain on record, while WTI crude has risen by 58%, the largest increase since May 2020, adding further pressure on economies worldwide, including Pakistan.
