Senate Chairman Yousuf Raza Gilani on Friday approved the surrender of the Rs265 million to the national exchequer in efforts to support the government’s austerity drive.

On March 9, the government announced a host of austerity measures to conserve fuel in view of the global fuel crisis triggered by the US-Israel war on Iran.

In a post on its X account, the Senate said that the chairman has approved the surrender of Rs265m as an “immediate measure” to the Finance Division, adding that efforts were also underway to “identify additional savings by curtailing expenses in the coming weeks to deposit in the national exchequer”.

According to the statement, he directed the Senate Secretariat to ensure the implementation of the austerity measures in accordance with the austerity drive announced by Prime Minister Shehbaz Sharif.

Gilani emphasised that “the Senate, as a key constitutional institution, fully recognises the importance of fiscal discipline in the current economic circumstances and remains committed to supporting the government’s efforts for economic stability”.

He issued instructions for “strict” adherence to austerity measures, including “rationalised expenditures, reduction in operational costs and efficient utilisation of resources while ensuring parliamentary functions, legislative responsibilities & oversight mechanisms remain fully effective”.

He expressed faith that the “responsible financial management and collective institutional efforts” will yield positive results for the economy.

“Senate Secretariat will continue to uphold transparent and accountable financial practices while safeguarding public funds and ensuring the smooth functioning of parliamentary affairs,” the statement added.

On March 17, Gilani directed the implementation of “wide-ranging austerity measures”, projecting a reduction of more than 50 per cent in the Senate Secretariat’s remaining budgetary utilisation for the current fiscal year, which is believed to translate into savings of around Rs700-750m.

A day earlier, the Economic Coordination Committee (ECC) approved a Rs100 billion supplementary grant for the prime minister’s austerity fund created to finance the petroleum pricing subsidy.