Pakistan govt bans import of over three-dozen luxury items amid crumbling economy

In latest development, Pakistan's government on Thursday announced to ban import of more than three-dozen luxury items. Taking to Twitter, Prime Minister Shehbaz Sharif claimed that decision to ban import of luxury items will "save country precious foreign exchange." "We will practice austerity & financially stronger people must le in this effort so that less privileged among us do not have to bear this burden inflicted on m by PTI govt," he furr ded. 

According to reports, he also allowed imports of various products, such as completely knocked down (CKD) cars and mobile phone kits, to be limited to half of previous month's imports. dressing a press conference in Islamab, Information Minister Marriyum Aurangzeb declared that government has banned import of at least 38 non-essential luxury products under an "emergency economic strategy." She also assured people of country that "Prime Minister is working day and night in an attempt to stabilise economy," Dawn reported. 

decision comes amid country's falling rupee against dollar

latest move comes as dollar has risen dramatically against rupee in recent weeks as country's import bill has soared, its current account deficit has grown, and its foreign exchange reserves have depleted. dollar surpassed all records on Thursday, surging to Rs 200 in interbank market. Aurangzeb stated that in wake of this it was agreed to prohibit import of all non-essential luxury commodities. banned items include automobiles, mobile phones, home appliances, private weapons and ammunition, hephones and loudspeakers, preserved fruits, luxury mattresses and sleeping bags, aerated water and several or items. 

latest ban would cost around $6 billion: Pak's Information Minister

 Information Minister furr claimed situation was "critical," and that Pakistanis would have to make sacrifices as part of economic plan, estimating that ban would cost around $6 billion. She stated that import orders, for which a letter of credit has alrey been opened or for which payment has alrey been done, would be processed, but that no new orders would be considered. "We will have to reduce our dependency on imports. government is now focusing on exports. Under government's economic plan, local industries would prosper while employment opportunities would also arise," Aurangzeb noted, as per Dawn. 

Image: AP