The government has announced that the import ban has been lifted, according to federal Minister of Finance Miftah Ismail.
Miftah stated at a press conference with the economic team that the government has banned the import of non-luxury goods in accordance with the International Monetary Fund’s order.
He continued by saying that the current economic stability had led the government to lift the ban on both necessary and optional goods. According to Miftah, the IMF board will meet on August 29 to review Pakistan’s request for a $1.17 billion initial loan.
He claimed that the import restrictions allowed the government to concentrate only on importing necessities. When we have few resources and a huge population to feed, [the nation] automatically becomes our top priority, he said. We imposed a ban on [non-essential commodities] because we had to decide between importing vehicles and wheat.
Possibly the worst effect on the auto sector was the import ban. Due to decreasing inventory, the letter of credit’s forced the auto industry to implement production reductions.
Fortunately, the Completely Knocked Down (CKD) kits will not be subject to any restrictions because they aren’t considered as luxury goods. However, its beneficial effects on sales figures probably won’t be seen for a few months.