As the United States-Israeli war with Iran sends tremors through the global economy, the poorest members of the Global South are the most exposed to the fallout.In Asia, Africa and the Middle East, developing economies are bearing the brunt of surging energy costs prompted by the closure of the Strait of Hormuz and attacks on oil and gas facilities across the Gulf.Recommended Stories list of 4 itemsend of listFrom Pakistan to Bangladesh and Sri Lanka, through to Jordan, Egypt and Ethiopia, policymakers are facing the double whammy of being both heavily dependent on imported energy and having limited financial firepower to absorb the shock of spiking prices.In Pakistan, which imports about 80 percent of its energy from the Gulf and has lurched between economic crises for years, authorities have scrambled to roll out measures to conserve fuel.Facing the depletion of the country’s petrol and diesel reserves within weeks, officials have closed schools, introduced a four-day working week for government offices, ordered half of the country’s public sector employees to work from home, and slashed fuel allowances for official business.Pakistani Prime Minister Shehbaz Sharif said last week that he had decided against a proposed hike in petrol and diesel prices before the Eid Al-Fitr celebration, saying the government would “bear the burden” of rising costs.Sharif’s announcement came after the government had earlier this month approved a 55 rupee ($0.20) rise in the p …
