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HomeBusinessPakistan to lift ban on some of the import items

Pakistan to lift ban on some of the import items

According to Finance Minister Miftah Ismail, the government will ease the import ban on some commodities in the coming weeks, but restrictions on telephones, automobiles, and household appliances will continue.

Speaking at a seminar about the performance of state-owned companies (SOEs) today in the federal capital, he said that the Commerce Ministry has forwarded a summary to the federal cabinet for the removal of restrictions on the import of non-essential and luxury commodities.

The decision was reached in light of a lower import bill due to limitations placed on the import of new machinery and raw materials, as well as decreased oil prices on the international market, according to the finance minister. “We foresee a decline in petroleum product imports in the following months. Pakistan will be able to save its foreign money thanks to lower imports, he added.

In order to relieve pressure on the local currency, he continued by expressing optimism for larger dollar inflows compared to outflows commencing in the approaching month.

“Imports in Pakistan as of July 25 were $3.758 billion and our total imports are likely to be $4.824 billion. This number will be less than our exports plus remittance”, read his tweet.

The finance minister allegedly asked Prime Minister Shehbaz Sharif on Tuesday to ease the prohibition on 30 categories and 83 Customs headings.

However, he did recommend that the Commerce Ministry continue to impose a restriction on automobiles, home appliances, and completely built units (CBUs).

The finance minister allegedly asked Prime Minister Shehbaz Sharif on Tuesday to ease the prohibition on 30 categories and 83 Customs headings.

However, he did recommend that the Commerce Ministry continue to impose a restriction on automobiles, home appliances, and completely built units (CBUs).

The import of automobiles, mobile phones, home appliances, dry fruits (apart from those from Afghanistan), crockery, shoes, chandeliers, lights (except energy-saving ones), headphones, and loudspeakers are all expressly prohibited by the government.

Condiments, doors and window frames, travel bags and suitcases, sanitary supplies, tissue paper, furniture, shampoos, confectionery, plush mattresses and sleeping bags, jams and jellies, cornflakes, toiletries, heaters, blowers, sunglasses, kitchenware, aerated water, frozen meat, juices, pasta, ice cream, cigarettes, luxury leather clothing, and musical instruments were some of the items on the list.

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