Import policies

In our country, dollars that were borrowed from foreign financial institutions on harsh terms are being squandered on the import of luxury products. Such unproductive spending is ruining the fragile economy which is already under heaps of debt and blowing up the foreign exchange reserves that are below $13 billion now. Is this a prudent development model? We have lost all sense of self respect as a nation. Our economic planning is not very sound. The concept of ‘self-reliance’ stands abandoned and there is no concept of promoting ‘Make in Pakistan’ products. The economic policies are serving only the rich, resulting in the unfortunate waste of the already scarce resources while simultaneously compromising economic sovereignty. One cannot understand the reason behind allowing the import of luxury and unnecessary foreign items that consume $8-10 billion each year. No plausible reason exists for not putting a full brake on such frivolous imports and getting rid of the debt trap. Import restrictions can even encourage domestic businesses to manufacture goods in the country and sell locally made products.

The uncontrolled import of luxury items, which is financed through borrowings, is a path to national economic suicide. The nation is clearly living beyond its means. The situation is a wakeup call for the government that laid so much stress on austerity. The country must stop hemorrhaging foreign exchange reserves before its economy collapses.

Arif Majeed

Karachi