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Ban on luxury goods import sought in Pak amid economic crisis

The business community in Pakistan has prompted the government to incontinently put a ban on the import of luxury goods as the country is facing an profitable extremity.

Islamabad, May 18 (IANS) The business community in Pakistan has prompted the government to incontinently put a ban on the import of luxury goods as the country is facing an profitable extremity.
“Pakistan is heading towards profitable extremity,”Employers’ Confederation of Pakistan (EFP) President Ismail Suttar told The Express Tribune.

Worsening balance of payments position, high affectation, depleting foreign exchange reserves and political query had led the country to an intimidating profitable situation, he said.
“It’s devastating that Pakistan has been constantly facing trade deficiency since 2003,”Suttar said.”Immediate action and perpetration of strict programs to control the situation is the need of the hour.”

Pakistan surely demanded to check unnecessary significances, AL Habib Capital Markets Head of Research Fawad Basir emphasised.
“It’ll help to a certain extent but this should be the starting point,”he was quoted as saying by The Express Tribune.

He refocused out that during July-March 2021-22, the fully knocked down (CKD) motor vehicle significances stood at$1.3 billion, while fully erected unit (CBU) significances touched$ 240 million.
Still, it’ll not only boost our original machine assiduity but also reduce the impact on current account deficiency (CAD) by around$ 1,”If we just stop this.5 billion,”he calculated.

Contrary to that, some experts were of the view that avoiding significances would be veritably delicate for Pakistan.
Pakistan Business Council (PBC) Chief Executive Officer Ehsan Malik underscored that utmost of the” significances are necessary at least in the short run, similar as energy, food, ministry, chemicals, drugs”.

“Others are accoutrements necessary for domestic manufacturing and exports, like cotton and man- made fibres. That leaves a small portion of around 5 where import restrictions can work without hurting the frugality,”he underscored.
That portion included mobile phones and vehicles in fully erected-up form, Malik said, adding that dry fruits, pet food, etc were also included.

The checks could range from high duty to outright ban, he said.
” High duty will have limited effect as demand for these particulars isn’t elastic and won’t dwindle indeed with high rates of duty.”

AHL Head of Research Tahir Abbas was of the view that the country demanded to put fiscal exigency to check unnecessary significances, particularly the luxury goods, to save foreign exchange reserves, The Express Tribune reported.
Also, the government should allow four working days and one work-from- home day, as compared to five to six working days in order to check petroleum demand and significances, he said, adding that request timings across the country should be revised from 8a.m. to 6p.m. in order to save electricity

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