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Pak lifts ban on import of non-essential, luxury products

The Financial Coordination Committee (ECC) of the Pakistan authorities has lifted a ban on the import of non-essential and luxurious merchandise imposed earlier in May, the Ministry of Finance introduced in a press release.

Islamabad: The Financial Coordination Committee (ECC) of the Pakistan authorities has lifted a ban on the import of non-essential and luxurious merchandise imposed earlier in May, the Ministry of Finance introduced in a press release.

The choice was taken within the wake of imports considerably diminished as a result of authorities’s efforts at a former assembly of the ECC, Xinhua information company quoted the assertion as saying.

Nevertheless, the restrictions on the import of fully built-up vehicles, cellphones, and residential home equipment will stay in place, it mentioned.

On May 19, the federal government imposed a ban on the imports of greater than three dozen non-essential and luxurious objects as a part of an emergency financial plan to stabilize the depleting overseas alternate reserves and rising import invoice.

Because of the choice, the general imports of the banned objects have shrunk by over 69 per cent from $399.4 million to $123.9 million, based on the Ministry.

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