ISLAMABAD: Prime Minister Shehbaz Sharif has instructed relevant authorities to expand a list of banned import items by adding more luxury goods to it, reported the local media on Tuesday, as Pakistan faces a growing current account deficit which has triggered serious financial challenges.
The country’s commerce ministry issued a list of 38 items, including mobile phones, cosmetics and pet food, in May while prohibiting their import. The government took the decision to reduce the import bill at a time when Pakistan’s foreign exchange reserves were declining and its currency was fast losing its value against the US dollar.
As the government prepares to present the next federal budget on Friday, it plans to take more measures to protect its forex reserves from unnecessary consumption.
“The prime minister has given instructions to Ministry of Commerce, FBR [Federal Board of Revenue], and other budget makers to identify items for purpose of banning and slapping RDs [regulatory duties] in a bid to decrease import bills,” The News reported while quoting an unnamed official privy to the matter. “Number of items that will be added to the RD list or banned list have not been decided yet.”
The official said the government was trying to curtail imports by $6 billion in the coming budget, adding that it already expected to save about $3 billion on the import of COVID-19 vaccines along with reduced shipping costs and rents of about $2 billion.
“The government is considering measures to curtail imports by $1 billion through different tariff and nontariff barriers,” he continued.
Apart from banning luxury items, Pakistan also plans to control the import of goods by imposing or adjusting regulatory duties on a large number of goods.
Pakistan to expand list of banned import items amid mounting current account deficit — media
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Pakistan to expand list of banned import items amid mounting current account deficit — media
- Government prohibited the import of 38 luxury goods in May due to declining forex reserves
- Officials say Pakistan seeks to curtail imports by $6 billion in the coming fiscal year
Pakistan says nine militants killed in security operations in northwest
- The intelligence-based operations were conducted in Tank and Lakki Marwat districts of Khyber Pakhtunkhwa
- Military says the counterterrorism campaign is being pursued under the framework of the National Action Plan
PESHAWAR: Security forces in Pakistan said on Saturday they killed nine militants belonging to the banned Tehreek-e-Taliban Pakistan (TTP) in two intelligence-based operations in the northwestern Khyber Pakhtunkhwa province.
Pakistan refers to fighters of the TTP, an umbrella group of various armed factions, as “khwarij,” a term from early Islamic history used to describe an extremist sect that rebelled against authority. The military also alleges the group receives arms and funding from the Indian government, a charge New Delhi denies.
The two operations were carried out on Dec. 5 in the volatile districts of Tank and Lakki Marwat, according to a statement from the military’s media wing, Inter-Services Public Relations (ISPR).
“On reported presence of khwarij, an intelligence-based operation was conducted by the Security Forces in Tank District,” the statement said. “During the conduct of operation, own troops effectively engaged the khwarij location and after an intense fire exchange, seven khwarij were sent to hell.”
“Another intelligence-based operation was conducted in Lakki Marwat District,” it added. “In ensuing fire exchange, two more khwarij were effectively neutralized by the security forces.”
ISPR said weapons and ammunition were recovered from the militants, whom it described as “Indian sponsored” and accused of involvement in attacks on security personnel, law enforcement agencies and civilians.
It said follow-up “sanitization operations” were under way as part of the country’s counterterrorism campaign under Azm-e-Istehkam, approved by the Federal Apex Committee of the National Action Plan, which aims to eliminate what it called foreign-supported militant threats in the country.
