Pakistan lifts import ban on non-essential and luxury items. here’s why

Pakistan lifts import ban on non-essential and luxury items.  here's why

Heavy taxes will be imposed on fully-built products (CBU) – cars, cell phones, electronics

Islamabad:

Pakistan on Thursday lifted a ban on imports of non-essential and luxury items to meet an IMF condition ahead of a global meeting of lenders later this month to decide on a short-lived bailout for the nation. silver.

The government led by Prime Minister Shehbaz Sharif imposed the ban due to currency depletion and deteriorating balance of payments.

Addressing a press conference, Finance Minister Miftah Ismail said the ban would go but with a price tag on importers as hefty customs duties would be imposed to make importing expensive.

Ismail said the government was removing the import ban as it was an international requirement, but the statutory duties that will be imposed on non-essential imported items will be three times higher than current levels.

“We’re going to impose such heavy duties that these items can’t be imported (easily) or at least in their finished form. I don’t have enough dollars, so I’m going to prioritize cotton, edible oil and wheat. I don’t prioritize iPhones or cars,” he said.

The heavy taxes will be imposed on fully-built goods (CBUs) – cars, cellphones and electronics – and apart from them, imported fish, meat, handbags and other non-luxury items.

Even so, if a person wants to import a car which is originally worth 60 million rupees, after the statutory duty, it will cost him 300-400 million rupees, he can import it, the minister said.

Ismail said the government’s goal was not just to allow imports, but to meet international and IMF requirements, while keeping the current account deficit under control.

The IMF’s executive board will meet on Aug. 29 to approve a bailout package for Pakistan, including the pending disbursement of about $1.18 billion.

Talking about restoring the stalled bailout, Ismail said that the International Monetary Fund wants Pakistan to guarantee funds amounting to $6 billion for which it needs to secure $4 billion in financing from other countries. which was arranged.

He said Prime Minister Sharif will visit Qatar soon and agreements should be signed during the visit.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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