ISLAMABAD: The limitations on the import of luxury and non-essential goods that had been put in place earlier in May have been lifted by the coalition government as of Thursday, but they still apply to fully assembled cars, cell phones, and home appliances.
The Economic Coordination Committee (ECC), presided by by Finance Minister Miftah Ismail, reportedly made the decision after a significant drop in imports, according to the Ministry of Finance.A description of the prohibition/complete quantitative limits on the import of luxury and non-essential goods was presented at the meeting today by the Ministry of Commerce.
The cabinet approved a prohibition on the import of around 33 classes/categories of products, it was explained to the members, in order to reduce the growing current account deficit.
The statement said that although the prohibition has affected supply chains and the domestic retail business, overall imports of the banned commodities have decreased by approximately 69 percent — from $399.4 million to $123.9 million.
