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HomeWorldPakistanGovernment lifts ban on luxury, optional items after two months

Government lifts ban on luxury, optional items after two months

Federal Minister for Finance and income Miftah Ismail chaired over meeting of Economic Coordinating Committee (ECC) of Finance Office, Islamabad on July 28, 2022 – FDI
  • Decided to lift the ban in commemoration of significant reduction in import.
  • Restrictions on import of cars, mobile phones, home technique will remain in place.
  • ESS says everything is done up shipments arriving after July 1st can be processed.

ISLAMABAD: coalition government on Thursday lifted the ban on import of necessities and luxuries previously introduced in Mayhowever, restrictions on import of fully built-up cars, mobile phones and home technique will remain in place.

According to the ministry of Finance, decision was adopted during the Economic Coordinating Committee (ECC), held under the chairmanship of of Minister of Finance Miftah Ismail, in commemoration of significant reduction in import.

Today at a ministerial meeting of Commerce submitted a summary on ban/complete quantitative restrictions on import of insignificant and luxurious items.

Members were informed that in reduction order rising current account deficit, ban on import of about 33 classes/categories of goods have been placed with OK of cabinet.

“Due to the decision of the general import of forbidden items decreased by over 69% from $399.4 million to $123.9 million,” the statement said, citing the ban, however, had impacted supply chains and domestic retail.

In addition, this should note that all up parcels (except items which is still remain in prohibited category) arrived at the ports after July 1, 2022, can be cleared by customs upon payment of 25% surcharge.

government imposed a ban on import of in more than three dozen secondary and luxurious items on May 19 with of en emergency economic plan stabilize dwindling foreign exchange reserves and rising import invoice.

However, this worth mentioning that while imports have declined, current account deficit increased to $2.3 billion. in June. Furthermore, foreign exchange reserves continued to dwindle and fall below 9 billion dollars like of July 22, bye Pakistani rupee is at an all-time low of 239.92 against United States dollar.

Moreover, restrictions continue to apply in place on import of fully built-up cars, mobile phones and home household appliances, which led to two leading car installers, Toyota and Suzukiplan partial plant shutdowns due to unavailability of raw materials against the backdrop of restrictions

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Derrick Santistevan
Derrick Santistevan
Derrick is the Researcher at World Weekly News. He tries to find the latest things going around in our world and share it with our readers.

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