Information Minister Marriumum Aurangzeb announced on Thursday that the government has imposed a ban on the importation of all non-essential luxury items under the “emergency economic plan”.
He made the announcement while speaking at a press conference in Islamabad. Shortly afterwards, Prime Minister Shehbaz Sharif took to Twitter to say that the decision “will save a valuable country for foreign exchange”.
“We will become more economically oriented and the financially capable people must lead the way so that the poorest of us do not have to shoulder the burden imposed by the PTI government,” he said, adding that the nation will overcome these “determination and determination” challenges.
The decision comes as the dollar has seen a meteoric rise against the rupee over the past few weeks due to rising country bills, growing account deficits and a reduction in foreign exchange reserves. On Thursday, the dollar broke all records and rose to R200 in the interbank market.
During his press conference, the information minister reassured the country that PM Shehbaz was “working day and night to stabilize the economy”.
Aurangzeb said that as a result, it was decided to limit imports on all non-essential items of wealth. “These are things that can be used by the general public,” he said as he identified foreign vehicles as one of the items.
List of closed items
- Cars
- Mobile phones
- Dried fruits
- Household appliances
- Dishes
- Private tools
- Shoes
- Decorative items
- Doors and window frames
- Sauces
- Frozen meat
- Fruits
- Carpets
- Tissue paper
- Furniture
- Make up
- Chocolate, confectionary material
- Shampoos
- Sunglasses
- Tobacco
- Musical instruments
He declared it “an emergency” and that Pakistani people would have to sacrifice themselves under an economic plan, adding that the impact of the ban would be around $ 6 billion.
He said import orders from the country where the bill was opened or where payment had been made would be considered but no new ones would be seen.
“We will have to reduce our dependence on imports,” he said, adding that the government was now focusing on export. The minister said that under the government’s economic plan, local industries would prosper while job opportunities would arise.
He said the new measures would also have an impact on the account deficit, adding that the move was taken under an “emergency economic plan”. He said a meeting would be held later today on how to reduce the impact of electricity prices on consumers.
Criticizing the former PTI-led government, Aurangzeb said former prime minister Imran Khan had filed all charges against his government in backburner. He has blamed the PTI government for the sharp rise in inflation and for committing “economic terrorism”.
“She has promised not to be funded [fuel] grant and played with the economy. He has tried to hold the next government together, ”he said, adding that Imran was unaware of the country’s economic crisis.
Rejecting PTI’s ongoing call for early elections, the minister said the government and its allies would decide on the matter, not the other way around. “It is our decision as to when we will hold the election […] If you were planning to run for office, you would have done so before the infidelity proposal was submitted. ”
Aurangzeb has insisted that only the current government can deliver the country from the current economic crisis. The prime minister is working to reduce inflation but those decisions require day and night efforts, he said.
“We have the strength and experience to address the current economic crisis. The move to curb exports is aimed at stabilizing the economy.”
Responding to a question, the minister also said PM Shehbaz would address the nation in a day or two and “explain the whole situation”.
‘Steps will be useless’
Meanwhile, PTI leader Hammad Azhar questioned the government’s move, saying these factors make up a small percentage of the country’s debt.
“Millions of traders and retailers will be affected by these measures and it will have an impact on bilateral trade,” he said on Twitter, adding that this also contributed to the increase in smuggling.
“The current non-oil account deficit stands at less than $ 1 billion. These closure measures will not be unreasonable,” he predicted.
