Is Pakistan importing 2,200 expensive cars despite crunch?

Is Pakistan importing 2,200 expensive cars despite crunch?

Business

Is Pakistan importing 2,200 expensive cars despite crunch?

ISLAMABAD (Dunya News) – Amid crippling economy and limited foreign exchange control with several containers carrying important products stuck at various ports, the ruling dispensation is said to have decided to allow the import of 2,200 expensive automobiles.

Sources said almost 8,500 containers were stuck at ports due to the limited foreign exchange control. The containers carry consumer and industrial products and are not allowed because of a lack of permission of letters of credit (LCs).

Sources added containers carrying luxury vehicles were being cleared at the ports while those with even pharmaceutical and perishable products still stuck.

From July to December, almost 1,990 expensive cars reached Pakistan. Meanwhile, the only benefit the country received was in the form duty and taxes of Rs2 billion. However, hundreds of billions were spent on their imports.