{"id":17914,"date":"2026-10-17T11:46:01","date_gmt":"2026-10-17T11:46:01","guid":{"rendered":"https:\/\/paksouch.com\/?p=17914"},"modified":"2026-10-17T11:46:11","modified_gmt":"2026-10-17T11:46:11","slug":"attacks-on-gulf-energy-infrastructure-worrying-for-outlook-aurangzeb","status":"publish","type":"post","link":"https:\/\/paksouch.com\/?p=17914","title":{"rendered":"Attacks on Gulf energy infrastructure \u2018worrying\u2019 for outlook: Aurangzeb"},"content":{"rendered":"\n

Finance Minister Muhammad Aurangzeb on Saturday told AFP<\/em> Pakistan had so far withstood the shock from skyrocketing energy prices due to Iran war, but that attacks on infrastructure in Saudi Arabia and other Gulf countries were \u201cworrying\u201d for the country\u2019s longer-term economic outlook.<\/p>\n\n\n\n

In an interview on the sidelines of the IMF-World Bank Annual Meetings in Bangkok, finance minister Aurangzeb said the country had procured enough energy supplies to last through November, and was now planning for the winter months, when household needs typically spike.<\/p>\n\n\n\n

The minister said, \u201cThe first-order impact has been negotiated well by Pakistan\u201d.<\/p>\n\n\n\n

\u201cWe\u2019ve had no shortage, no queues at the gas stations, and no law and order situation, which at times we have seen in some of the countries,\u201d he said.<\/p>\n\n\n\n

He added that unless the government saw \u201can absolute dire need\u201d, it would not be procuring spot cargoes on the LNG front, which tend to be far more expensive than previously contracted shipments.<\/p>\n\n\n\n

Since the United States and ally Israel launched the war on Iran in February, global energy prices have surged as Tehran\u2019s retaliatory action has targeted Washington\u2019s Gulf allies and curtailed oil and gas supplies.<\/p>\n\n\n\n

With Yemen\u2019s civil war flaring back to life as well, the Houthis<\/a> there have repeatedly attacked Saudi infrastructure, including energy facilities and airports, in recent days.<\/p>\n\n\n\n

Aurangzeb expressed alarm at the escalation, saying damage to such sites would delay a return to economic normalcy.<\/p>\n\n\n\n

\u201cWhat is now (the) worrying part of it is when the energy infrastructure starts getting hit,\u201d he said.<\/p>\n\n\n\n

\u201cI, to be very honest, I don\u2019t know where that would go. But one thing is very clear: that if the infrastructure continues to get hit, the return to normalcy, even if things subside, will take longer.\u201d<\/p>\n\n\n\n

\u2018Pushback\u2019<\/h4>\n\n\n\n

Pakistan has been a frequent customer at the International Monetary Fund (IMF), the lender of last resort to countries on the brink of default.<\/p>\n\n\n\n

It is currently in the midst of its 25th programme with the IMF\u2013 at least 11 of which have been outright bailouts \u2014 since gaining independence in 1947.<\/p>\n\n\n\n

The current programme totals around $7 billion over three years, with the monetary institution reaching an agreement this month to release a $1.2 billion tranche.<\/p>\n\n\n\n

With global debt stocks running high, the IMF has called at this year\u2019s annual meetings on all economies, even those most vulnerable to the Iran war shock, to engage in fiscal consolidation to avoid a potential crisis.<\/p>\n\n\n\n

\u201cFortunately for us, we have been on this fiscal consolidation path for a while,\u201d Aurangzeb said with a rueful smile.<\/p>\n\n\n\n

The country\u2019s tax revenues have grown significantly in recent years, and the finance minister said the government was targeting the theft of taxes by private sector businesses that collected sales tax from consumers but never deposited it in government accounts.<\/p>\n\n\n\n

Such theft accounted for billions of dollars, Aurangzeb said, adding that there remained \u201croom for improvement\u201d on increasing income tax collection as well.<\/p>\n\n\n\n

He said the government\u2019s reform agenda had faced resistance from industry, lobbying groups and vested interests.<\/p>\n\n\n\n

\u201cEvery reform, everything that you try to do when you try to change the status quo, there is pushback,\u201d he said.<\/p>\n\n\n\n

One of the major pillars of the IMF\u2019s programme criteria is privatising state-owned assets in Pakistan, where the military runs a vast empire of businesses in sectors from real estate to fertiliser.<\/p>\n\n\n\n

Asked about those companies, Aurangzeb denied that they were receiving state funding.<\/p>\n\n\n\n

\u201cAs far as we are concerned, whichever commercial enterprises (the military) are running, they are running on a standalone basis and profitable on their own basis,\u201d he said.<\/p>\n\n\n\n

\u201cSo, I can confirm to you, we are not providing any funds from the exchequer.\u201d<\/p>\n\n\n\n

PAK SOUCH MEDIA GROUP<\/p>\n\n\n\n

Daily Pak Souch Newspaper Sukkur \u2013 Daily Pak Special Newspaper Karachi \u2013 Daily Pak Today Newspaper Karachi – Daily Pak Jazbo Newspaper Sukkur<\/p>\n\n\n\n

Head Office : Ayub Gate Shaikh Muhalla Near Rabbania Masjid Sukkur<\/p>\n\n\n\n

Karachi Office : Office No. 1901-B, 19th Floor Saima Trade Tower (B) Block I.I Chandigarh Road Near Jung Press, Shaheen Complex & National Museum of Pakistan Karachi Sindh Pakistan.<\/p>\n\n\n\n

Contact : 03009319022<\/p>\n\n\n\n

Website 1 : https:\/\/paksouch.com\/<\/a>
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Website 3 : https:\/\/pakjazbo.com\/<\/a>
Website 4 : https:\/\/urdu.pakjazbo.com\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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