External debt forces the government to impose ban on import of luxury goods
What happened: As Pakistan faces a declining economy, the federal government has hinted at a ban on importing luxury goods. It is pertinent to mention that Pakistan’s foreign reserves are depleting as a climbing trade deficit counters the country. A local publication quoted the development as, “However, the federal government remained silent on what could be considered as a luxury item, but imposed a ban.”
Details: On the other hand, various reports by local publications claim that a source from Pakistan’s Ministry of Trade has stated that the government led by Shehbaz Sharif and coalition parties have hinted at a ban on the import of luxury items. Whereas, it is being speculated that the luxury items include pricey perfumes, fancy items, and a few cars too.
More: Pakistan, in the current scenario, faces a various economic crisis, as the governments keep on blaming the previous ones for the situation.