Overview
The import coalition of the government has been highly criticized by Pakistanis and economic experts for its failure to improve the economy.
Ali Khizar Economic Analyst Tweet On Import
They have also criticized the government’s recent move to open letters of credit (LCs) for luxury car imports. A tweet from Ali Khizar, a well-known economic analyst, provides some insight into the situation.
65 vehicles confirm for the first batch (on January production) for March delivery. 45 LCs opened, with the remaining 20 in the process.
More than 100 automobiles have reserved for the second round (for production in March). And the organization is willing to accept more appointments.
Some sources also claim that the government has approved the entry of more than 160 Mercedes-Benz luxury vehicles. Though rather, we are not receiving confirmation of such claims.
Enjoy the pinnacle of luxury on the verge of bankruptcy. This makes it even more deserving. The cost of importing a BMW i7 is only 226,000 euros. The retail price is approximately PKR 5 crore. 150-200 automobiles reserved. LCs are sprouting up.
State Bank of Pakistan Statement
The State Bank of Pakistan (SBP) recently relaxed import restrictions on Completely Knocked Down (CKD) kits for local automakers.
In an official release, the SBP stated that the central bank has decided to relax supply restrictions commencing January 2, 2023. The decision is to allow the SBP to accept requests that are already lodged.
Conclusion
The lifting of import restrictions will allow automakers to resume manufacturing and sales. As long as they do not raise prices further. Analysts, however, are criticizing the decision’s prudence in light of the ongoing economic crisis.
