‘Pak govt bans import of luxury, non-essential items’
ISLAMABAD: Pakistan government on Wednesday decided to impose a ban on the import of non-essential and luxury items as the cash-strapped nation tried to avert a financial meltdown amid depleting foreign reserves, according to a media report.
Quoting sources, Geo News reported that Prime Minister Shehbaz Sharif has imposed a ban on the import of nonessential items that are not used by the common man. The decision is said to be important to control the dollar flight, it said.
The sources said that the prime minister has banned the import of luxury vehicles and other non-essential items, including cosmetics, for which instructions have also been issued.
They further added that the decision was taken due to the widening trade deficit and, after holding a consultative meeting with his coalition partners, Prime Minister Shehbaz decided that the government will take tough decisions to stabilise the ailing economy.
The US dollar has witnessed a record surge during the past few weeks and was being traded today at over Rs 200 in the open market, signalling a lack of confidence among the traders in the financial markets, the report said. According to sources in the Federal Board of Revenue (FBR), a proposal to increase duty on some items has been submitted.