Islamabad: The federal government Thursday decided to lift the ban imposed on the imports of luxury and non-essential items after successfully reducing the import bill in 2 months.
The Economic Coordination Committee (ECC) of the federal cabinet met on Thursday under the chair of Finance Minister Miftah Ismail.
During the meeting today, the Ministry of Commerce submitted a summary on prohibition/complete quantitative restrictions on the import of non-essential and luxury items.
The committee was briefed that in order to curtail the rising current account deficit, a ban on the import of about 33 classes/categories of goods was imposed with the approval of the cabinet.
“Due to the decision, the overall imports of the banned items have shrunk by over 69% — from $399.4 million to $123.9 million,” the statement read, mentioning that the ban has, however, impacted supply chains and the domestic retail industry.
However, the restrictions on the import of completely built-up automobiles, mobile phones, and home appliances will remain in place.
