The federal cabinet banned imports of about 41 items for two months to head off a looming breach, but the measure appears too tiny, capping the import bill at just $600 million, or less than 5% of planned imports.
The decision affects imports of motor vehicles, mobile phones, cosmetics, cigarettes, food, certain clothing items and toiletries. After a series of meetings at the Ministry of Finance and the Prime Minister’s office, the Federal Cabinet approved the summary of the import ban by circulation.
Prime Minister Shehbaz Sharif tweeted, “My decision to ban the import of luxury items will save the country valuable foreign exchange. We will implement austerity measures, and the financially strongest people must lead this effort so that the less privileged among us do not have to bear this burden imposed on them by the former PTI government”.
In addition, he said that “together we will meet all challenges with determination”.
