Govt will lift ban on luxury imports under IMF condition: Finance Minister

Finance Minister Miftah Ismail, in a press conference alongside members of the economic team, said that the import ban on non-luxury items was placed in line with the IMF's demands.

Miftah said that after the import ban, it became easier for the government to import necessary commodities, which were essential for the masses.

The finance minister said the government was scrapping the import ban as it was an international requirement, but noted that the regulatory duty that will be imposed on the non-essential imported items will be three times higher than the current levels.

"we will impose such heavy duties that these items cannot be imported or at least in their finished form. I don't have enough dollars, so I will prioritise cotton, edible oil, and wheat. I do not prioritise Iphones or cars" he said.

The heavy duties will be imposed on completely built-up commodities cars, mobile phones, and electronic appliances and apart from them, the imported fish, meat, purse, and other such non-luxury items.

"Even then, if a person wants to import a car that is originally worth Rs60 million [but after the regulatory duties] it will cost them Rs300-400 million, they can import it."

Miftah said that the government's objective was not just to allow imports, but it was to fulfil international and IMF demands, while also keeping the current account deficit in check.

source https://www.suchtv.pk/business/item/115238-govt-will-lift-ban-on-luxury-imports-under-imf-condition-finance-minister.html