Spokesman Report
KARACHI, April 23, 2026 – Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan, Chairman Policy Advisory Board FPCCI, and Former Provincial Minister Information Technology, has termed the recent diplomatic marathon in Islamabad as a landmark achievement for Pakistan’s foreign policy, positioning the country as a central “bridge for peace” in a world teetering on the edge of economic collapse.
Mian Zahid Hussain expressed that the 2026 Iran-US conflict, which saw oil prices surge past $120 per barrel following the closure of the Strait of Hormuz on March 4, has triggered the largest energy supply disruption in history. With the global oil market facing a loss of 624 million barrels over 52 days and the Gulf Cooperation Council (GCC) seeing a production drop of 12 million barrels per day, the world was rapidly descending into a 1970s-style stagflation. The Islamabad Talks, held on April 11–12 at the Serena Hotel, represented the first direct, high-level engagement between the United States and Iran since 1979. While the 21-hour negotiations did not yield a final Memorandum of Understanding (MoU), they successfully stabilized a critical two-week ceasefire, preventing a total regional conflagration that would have devastated global trade.
Mian Zahid Hussain said that Pakistan has played a sophisticated role of “limited alignment,” maintaining official neutrality while protecting its own economic interests. The war had brought Pakistan’s energy security to a breaking point, reducing LNG shipments from twelve in January to just two in March. Domestically, the impact was severe as petrol prices in Pakistan touched a record Rs458.41 per litre in early April, forcing the government to implement a four-day workweek and emergency fuel rationing. The business community highly appreciates the Prime Minister’s “5-point initiative,” which emphasizes that global energy corridors like the Strait of Hormuz, through which 20% of the world’s oil flows, must remain “free and clear” of military blockades.
Mian Zahid Hussain said that the expected outcome of continued engagement is the only viable path to economic recovery. For Pakistan, the stakes are immense. The trade deficit is projected to hit a record $41.8 billion if hostilities persist, with every $10 increase in oil prices adding $1.5–$2 billion to the national import bill. Furthermore, with the IMF downgrading Middle East GDP growth to 1.1%, Pakistan faces a potential decline in remittances and a $2 billion drop in exports to GCC countries.
Mian Zahid Hussain emphasized that while the naval blockade imposed on April 13 continues to strain maritime insurance and shipping costs, the “Islamabad Spirit” offers a glimmer of hope. He urged the international community to support the second round of talks, noting that the successful unfreezing of Iranian assets and conditional sanctions relief are essential to restoring the global supply chain. Only a permanent resolution can stabilize the Pakistani rupee and protect the common man from the hyper-inflation forecasted by economic experts.
