To stabilise the rapidly declining foreign exchange reserves and soaring import bill, the government has banned the import of non-essential and luxury commodities, as part of measures that a minister claimed would save $6 billion.
To stabilise the rapidly declining foreign exchange reserves and soaring import bill, the government has banned the import of non-essential and luxury commodities, as part of measures that a minister claimed would save $6 billion.
Automobiles and mobile phones are among the notable products whose import has been banned. The complete list of items includes:
- Mobile Phones
- Home Appliances
- Fruits and Dry Fruits (except from Afghanistan)
- Crockery
- Private Weapons & Ammunition
- Shoes
- Chandeliers & Lighting (except Energy Savers)
- Headphones & Loudspeakers
- Sauces, Ketchup etc.
- Doors and Window Frames
- Travelling Bags and Suitcases
- Sanitary ware
- Fish & Frozen Fish
- Carpets (except from Afghanistan)
- Preserved Fruits
- Tissue Paper
- Furniture
- Shampoos
- Automobiles
- Confectionary
- Luxury mattresses & sleeping bags
- Jams & Jelly
- Cornflakes
- Bathroom ware / Toiletries
- Heaters / Blowers
- Sunglasses
- Kitchen ware
- Aerated water
- Frozen Meat
- Juices
- Pasta etc.
- Ice cream
- Cigarettes
- Shaving Goods
- Luxury Leather Apparel
- Musical Instruments
- Saloon items like hair dryers etc.
- Chocolates
The government’s actions, according to the minister, would also help to lower the country’s expanding current account deficit. She went on to say that the main goal of these steps is to lessen the country’s reliance on imports and to implement an export-oriented policy to support domestic industry.
The minister stated that the government is working on a plan to encourage local manufacturers and provide job opportunities.
In a tweet, Prime Minister Shehbaz Sharif stated that the decision to prohibit the import of luxury commodities will save the government money. The premier went on to say that the wealthier among us must lead this effort so that the less fortunate among us do not have to carry the burden imposed by the previous administration.
My decision to ban import of luxury items will save the country precious foreign exchange. We will practice austerity & financially stronger people must lead in this effort so that the less privileged among us do not have to bear this burden inflicted on them by the PTI govt.
— Shehbaz Sharif (@CMShehbaz) May 19, 2022
PTI’s reaction
Hammad Azhar, the leader of Pakistan Tehreek-e-Insaf (PTI), questioned the decision to ban imports of specific commodities, claiming that they accounted for a small percentage of the country’s total import bill.
“The current account deficit for non-oil products is well around $1 billion. “These prohibition measures will be insignificant,” the minister declared in a tweet.
Non oil current account deficit stands at just under $1 bn. These measures to ban items will be inconsequential. pic.twitter.com/feknyr7ny6
— Hammad Azhar (@Hammad_Azhar) May 19, 2022
It is pertinent to mention here that Pakistan’s import bill has surged to $65.5 billion in the first ten months of the current fiscal year, up from $44.73 billion in the corresponding period of the previous year.
The foreign exchange reserves held by the State Bank of Pakistan are also down to a 23-month low.
Hammad Azhar, the leader of Pakistan Tehreek-e-Insaf (PTI), questioned the decision to ban imports of specific commodities, claiming that they accounted for a small percentage of the country’s total import bill.
“The current account deficit for non-oil products is well around $1 billion. “These prohibition measures will be insignificant,” the minister declared in a tweet.
Also Read: PM Shehbaz has nominated Muhammad Abubakar Umer as his digital media focal person
Read more on Latest Pakistan News on Pakistanlounge.pk
