Govt is lifting ban on all imports

ISLAMABAD, August 18: Finance Minister Miftah Ismail said Thursday while addressing a press conference in Islamabad that the government was lifting the ban on all imports.
The finance minister said that the ban on imports was being lifted on the condition of the International Monetary Fund (IMF), adding that the government was going to impose heavy taxes on imported goods.
“It is requirement of international community that there should be no ban so we are lifting ban on all products. But simultaneously the duties I am going to impose would not let these commodities to enter into Pakistan as finished goods,” the minister said while addressing a press conference.
The minister said RDs would be enhanced three times or to the maximum possible level and can go even upto 400 to 600 percent or more.
He said that Prime Minister was not in favour of luxury products’ imports, knowing his responsibility to provide essential and basic commodities to the people of the country.
However, he said ban was lifted to comply with IMF, international agreements and World Trade Organizations (WTO). However duties would be imposed on import of luxury food, shoes and all such things and even if anyone still wants to import they are free.
He said that Pakistan was not having many dollars to spend on import of luxury items adding that the existing resources would be utilized to provide the people of the country with flour, wheat, cotton, edible oil instead of I-phones or luxury vehicle.
The finance minister said Pakistan had long negotiations with the fund and the IMF board is scheduled to meet on August 29 wherein programme with Pakistan would be approved as the country had already fulfilled all conditions and had taken all prior actions demanded by the fund.
He said, the $4 billion funding for improving country’s exchange reserves has been arranged with the help of friendly countries including Saudi Arabia, Qatar and United Arab Emirates whereas China has also agreed to reroll $2 billion loans while Saudi Arabia also agreed to reroll its funds. -DNA