ISLAMABAD: Pakistan on Thursday lifted an import ban on the import of non-essential and luxury items to fulfill a condition of the International Monetary Fund (IMF). The global lender is scheduled to meet later this month to decide on a relief package for cash-strapped Pakistan. Prime Minister Shahbaz Sharif-led government had imposed this ban due to the fall in foreign exchange and worsening balance of payments.
Pakistan’s Finance Minister Mifta Ismail said in a press conference that the ban would be lifted but heavy-duty would be imposed on importers to make imports costlier. He said the government was lifting the import ban as it was an international requirement but non-essential imported items would attract regulatory duty three times higher than the current levels. “We will impose a such heavy duty in such a way that such items cannot be (easily) imported… I do not have enough dollars, so I will give priority to cotton, edible oil, and wheat,” he said. I don’t prefer iPhones or cars.
The minister clarified and said- the current account deficit has to be overcome
The minister said that even after this, if a person wants to import a car whose original price is Rs 6 crore, then its cost will be Rs 30-40 crore after regulatory duties. He said that the objective of the government is not only to give approval for imports but to meet the IMF and international requirements, while also controlling the current account deficit.
