Billions of rupees spent in buying luxury cars
The report of ‘The News’ said that in the last 6 months, luxury cars, state-of-the-art electric goods and their parts worth $ 1.2 billion have been imported due to a sharp decline in foreign exchange. The report notes that the country is facing a severe dollar shortage and the central bank is left with only so much foreign currency that it can import for three weeks.
heavy pressure on the economy
According to the report, the import of luxury vehicles in Pakistan decreased last year but this year many Pakistanis have wasted their money in buying expensive luxury vehicles and unnecessary items. This is putting a lot of pressure on the country’s economy. After this report came to the fore, many concerns have been raised about the Pakistani government’s policy of stopping imports from industrial and commercial sectors and spending huge amount on luxury cars and other vehicles.
Pakistan is dependent on IMF
According to the newspaper, despite the economic crisis, the current government has lifted the ban on the import of luxury vehicles, adding to the country’s problems. The report comes at a time when talks between Pakistan and the International Monetary Fund (IMF) are set to begin next week amid falling foreign exchange reserves. Furthermore, if the IMF program is not restarted within a few weeks, Pakistan will rapidly sink into limbo.
Government will have to take strict steps
Let us tell you that according to the report of the State Bank of Pakistan, the commercial banks of the country, apart from the State Bank, have foreign exchange of $ 5.84 billion. According to Geo, Pakistan’s foreign exchange reserves have decreased by $3.6 billion during the last 8 weeks and last week was the only week when foreign exchange reserves increased. This is the first time since February 2014, when Pakistan has so little foreign exchange left. Therefore, experts say that Pakistan is in dire need of foreign aid to reduce its current account deficit as well as to ensure foreign exchange, so that it can repay its debt as well as purchase essential goods. .