Saturday June 22, 2024

Ban on imports

January 04, 2019

This refers to the news report ‘Consumptive luxuries continue to consume economy’ (January 3). Pakistan has been living beyond its means for quite long. It is producing less and consuming more while depending on borrowed dollars to survive. This consumption pattern is unsustainable as it has increased indebtedness and brought the nation closer to default. Reducing the import bill is not rocket science as a perception is being given. The IMF-proposed rupee devaluation and the imposition of regularity duties on imports is not an effective tool. Higher prices do not affect the affluent class as the demand of such products is inelastic. The viable option is a complete ban on the import of luxury and unnecessary goods. . The government is not taking radical and bold measures to deal with its import bill.

Arif Majeed