Crisis-hit Pakistan Imports 2,200 Luxury Cars Even As Essential Goods Remain Stuck At Ports
Crisis-hit Pakistan allowed around 2,200 luxury vehicles to be imported even as shipments of essential consumer goods remained stuck at ports, according to a report by Pakistan based Dawn newspaper. The report said that Pakistan imported 164 luxury electric vehicles between July and December of 2022. Pakistan imported nearly 1,990 such vehicles in these last six months.
From staring at bankruptcy to dealing with a food crisis, all-time high fuel prices and all-time low forex reserves, Pakistan's crisis is going from bad to worse.
But even at such an economically crucial time, the crisis-hit country imported 2,200 luxury vehicles even as shipments of essential consumer goods remain stuck at ports, according to a report by Pakistan-based
newspaper
Dawn.
Luxury Car Imports Amid Crisis
ani
Pakistan is grappling with a foreign exchange crisis, which has halted almost all imports. An IMF team is reportedly scheduled to visit the country this week to talk about an urgent bailout package.
The report said that Pakistan imported 164 luxury electric vehicles between July and December of 2022. Pakistan imported nearly 1,990 such vehicles in the last six months.
On the other hand, over 5,000 containers of consumer and industrial goods were held up at ports, the newspaper reported.
The import of these vehicles is allowed only for overseas Pakistanis, but this facility is being misused by some importers. Senior customs officials told the newspaper that most of the imports happened from July to September, with a very small number of cars being imported from October to December.
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Forex Only Enough For A Few Weeks of Import
jagran
Pakistan's foreign reserves have recently fallen to $3.7 billion, i.e a record low. The country is grappling with inflation, the aftermath of the disastrous flooding in 2022 and an acute energy shortage.
It only has enough for a few weeks of imports, AFP reported. In response to the crisis, Pakistan's state bank, beginning this month, refused to issue letters of credit for all imports, barring food and medical supplies.
As per customs data, over 95 per cent of 8,500 containers are held up at ports due to the non-opening of letters of credit (LCs).
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