Pak spent USD 1.2bn on import of automobiles in 6 months regardless of disaster: Report

Up to date:
Jan 22, 2023 20:43 IST

Islamabad [Pakistan], January 22 (ANI): Although Pakistan is on the verge of economic collapse, the cash-strapped nation has spent USD 1.2 billion on the imports of transportation gadgets, together with luxurious automobiles and high-end electrical automobiles, over the last six months, reported The Information Worldwide newspaper.
In response to the report, Pakistan is dealing with an acute scarcity of {dollars} and has lower than USD 5 billion in its reserves with its State Financial institution. The report stated that is hardly ample to finance three-week imports.
Final 12 months, the imports of those transportation automobiles and different gadgets had been decreased. Nonetheless, many Pakistani are nonetheless shopping for costly luxurious automobiles and pointless items burdening the economic system, the report stated.

Within the final six months, Pakistan imported fully constructed items (CBU), fully knocked down/semi knocked down (CKD/SKD) of USD 530.5 million equal to USD 118.2 billion, the each day added.
The Pakistan each day said additional that hefty spending on automobiles and different car imports raises many questions on the federal government’s coverage of halting imports associated to the economic and business sectors.
This report comes as digital talks between Pakistan and Worldwide Financial Fund (IMF) are more likely to begin subsequent week amid a extreme financial disaster and falling international alternate reserves.
Pakistan has despatched an official e mail to the IMF to look into the method and full its ninth overview, which is pending on its aspect, Geo Information reported.
Consultants consider Pakistan might sink deeper right into a quagmire if the IMF programme doesn’t resumed throughout the subsequent few weeks. (ANI)

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