The “emergency economic plan” unveiled – Business Recorder
ISLAMABAD: Information and Broadcasting Minister Marriyum Aurangzeb on Thursday announced the government’s decision to ban the import of 38 non-essential luxury items, which would save $6 billion a year on foreign exchange reserves.
Unveiling the decision at a press conference here, the minister said the government was working on a contingency plan to deal with the economic challenges and these measures were part of it.
In a media briefing, she said the government had imposed a ban on luxury items which will have a positive impact on foreign exchange reserves within two months, saving $6 billion a year. year.
While explaining non-essential items, she said these items are those not used by the general public. She said this ban on luxury items will positively affect local industry, local producers and locally engaged industries. Local industry will grow, promoting local industries in the country will provide jobs for the people, she said.
The 38 prohibited items included mobile phones, household appliances, fruits and dried fruits (except from Afghanistan), tableware, private weapons and ammunition, shoes, chandeliers and lighting (except energy savers), headphones and speakers, sauces, ketchup, etc., doors and window frames, bags and travel cases, sanitary ware, fish and frozen fish, carpets (except for Afghanistan), preserved fruits, tissue paper, furniture, shampoos, automobiles, confectionery, luxury mattresses and sleeping bags, jams and jellies, cornflakes, toiletries, dishes/toiletries, heaters/fans, sunglasses, utensils cooking supplies, carbonated water, frozen meat, juices, pasta etc., ice cream, cigarettes, shaving products, luxury leather clothing, musical instruments, saloon items such as hair dryers etc., chocolates.
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There is an emergency situation in the country, at such a time all Pakistanis will have to make sacrifices, the minister said. She added that the ban on luxury items will have a direct impact on the current account deficit.
“Our priority is to reduce our dependence on imports and introduce an export-oriented economic policy,” she said, adding that the government has drawn up a fiscal management plan to reduce dependence on foreign loans.
Six million people have been made redundant in the last four years, Marriyum Aurangzeb, while attacking the PTI, said that in the last four years the economy has been destroyed, the people of Pakistan have been robbed and the inflation rate has increased. The minister harshly criticized the former prime minister and said he provided an unfunded fuel subsidy, played with the economy and created problems for the new government.
She maintained that only the current government could pull the country out of the current economic crisis. The Prime Minister is working to reduce inflation, but such decisions require round-the-clock efforts. “We have the capacity and the experience to solve the current economic problems. The measure taken to ban imported items is aimed at stabilizing the economy,” she added.
The loan taken in the last four years is 80% of the loan taken from 1947 to 2018. In four years, the loan has grown from 25 trillion rupees to 43 trillion rupees, she said. Food inflation was 2.3% at the time of PML-N, today they are asking questions, they have increased food inflation to 16%, she added. Pakistan joined emerging markets in 2018. The growth rate reached 6%, it has been negative for the past four years, she said.
For the past four years, there has been a government made up of an imported government, an imported cabinet, imported advisers and imported spokespersons, she said.
She said Pakistan’s trade deficit was at its highest under the previous government.
During the PML-N era, the growth rate was 6%, at that time the country had CPECs, 11,000 MW power projects were under construction, the value of the dollar was stable, the minister said. The dollar was worth 105 rupees when the three-time elected prime minister was ousted due to political instability. When the PML-N government came to power in 2018, the value of the dollar was 115 rupees, she added.
The conspirators stand on the container interrogating the government for four weeks. They should be ashamed of themselves because the dollar was Rs 189 in PTI mandate, she said.
The depletion of foreign exchange reserves took place during his tenure, she said.
Imran Khan signed the strict IMF conditions due to which people are facing problems today. Imran Khan himself did not trust those who question the country’s economy in the morning, afternoon and evening, she said. Those who came to eradicate corruption in 90 days increased inflation in Pakistan through corruption. All ministers and advisers who were imported were exported and left Pakistan today, she added. Rejecting the PTI’s continued calls for snap elections, the minister said the government and its allies would make a decision in this regard, not the other way around. “It is our prerogative to call elections and we will decide when to hold elections,” she said.
Copyright Business Recorder, 2022