By The South Asia Times

ISLAMABAD - Pakistani Prime Minister Shehbaz Sharif informed his cabinet on Wednesday that Pakistan’s quiet but persistent backchannel diplomacy has helped extend the fragile ceasefire between Iran and the United States, following marathon negotiations hosted in Islamabad this month.

Addressing the federal cabinet, the prime minister revealed that talks held on April 11 lasted an extraordinary 21 hours and involved multiple rounds of intensive discussions between Iranian and American delegations. He described the outcome as a “significant diplomatic breakthrough” achieved through Pakistan’s coordinated and sincere efforts.

“Pakistan made wholehearted efforts for the success of these negotiations,” PM Shehbaz said, acknowledging the contributions of senior officials including Field Marshal Syed Asim Munir, Deputy Prime Minister and Foreign Minister Ishaq Dar, and Interior Minister Mohsin Naqvi.

The prime minister noted that Iranian Foreign Minister Abbas Araghchi, who visited Islamabad with his delegation, held a two-hour session with him personally. Araghchi assured that Tehran would respond positively after internal consultations with its leadership. As a result, the ceasefire between Iran and the US has been extended and continues to hold.

Economic pressures mount as oil import bill triples

Turning to economic challenges, PM Shehbaz expressed concern over surging global crude oil prices, warning that new price determinations expected on Friday could further strain the economy. He noted that Pakistan’s oil import bill had tripled — from $300millionbeforetheconflictto$800 million — placing additional pressure on the country’s external account.

Despite the turbulence, the prime minister appreciated Petroleum Minister Ali Pervaiz Malik and his team for ensuring stable domestic fuel supply, noting that Pakistan successfully averted the panic buying and long queues seen at petrol pumps in other nations.

“Macroeconomic indicators had been improving, but the recent war has dented the gains achieved over the past two years toward economic stabilization,” he acknowledged.

Debt repayments, Saudi support

PM Shehbaz also informed the cabinet that Pakistan had repaid $3.5 billion in maturing loans while maintaining its foreign exchange reserves, a feat made possible with support from Saudi Arabia. He specifically thanked Crown Prince Mohammed bin Salman for his role in helping Pakistan sustain its reserve levels amid regional turmoil.