Pakistan Economic Crisis: Shehbaz Sharif accepted defeat. America-Iran war broke Pakistan’s back.

News India Live, Digital Desk: Now all-round problems have arisen for Pakistan, which was already in need of every penny. Pakistan’s Prime Minister Shehbaz Sharif has publicly admitted that the increasing military tension between the US and Iran (US-Iran Conflict) is having a devastating impact on Pakistan’s economy. Sharif admitted during an address that the sound of this ‘Great War’ has derailed Pakistan’s economic reform efforts, due to which the crisis of inflation and poverty in the country has deepened. Iran-America tension and Pakistan’s ‘oil crisis’. Pakistan’s biggest weakness is its energy dependence. Shehbaz Sharif clarified that due to the ongoing dispute between Iran and America, there has been huge instability in the prices of crude oil in the international market. Pakistan imports a large part of its needs and due to dollar shortage, buying oil is now becoming out of its control. The Prime Minister has expressed apprehension that if this tension continues, then the prices of petrol and diesel in Pakistan will become completely out of reach of the common man, due to which transportation and power generation may come to a standstill. ‘Atom bomb’ of inflation and public anger Inflation rate is already skyrocketing in Pakistan, but now global tension has given it more air. This statement of Shehbaz Sharif is being seen by experts as an attempt to prepare the public for the coming ‘economic shock’. The people of Pakistan are already on the streets against the rising prices of electricity bills and food items. The Prime Minister also indicated that foreign investment, which Pakistan desperately needed, is now retreating due to this regional instability. Will Pakistan’s boat sink? Shehbaz Sharif has appealed to the international community, especially the Gulf countries and the US, to take steps towards reducing tensions. He said that “when elephants fight, it is the grass that gets crushed,” and here Pakistan is like the ‘grass’ which has to pay a heavy price despite no fault of its own. The stringent conditions of IMF and now the situation of this global war have created an existential crisis for Pakistan. Now it remains to be seen how Islamabad saves itself from this economic tsunami.