Finance Minister Ishaq Dar has announced new duties on imported luxury items apparently to reduce the ballooning of the non-oil import bill. After having caused much damage, the realisation has suddenly dawned upon the finance minister that unabated imports are destroying the national economy.
Our exports cover just 55 percent of the total imports, resulting in a huge trade gap. The trade gap is being managed through indiscriminate borrowings from external sources. It is unlikely that the imposition of duty on imported luxury items will serve the intended purpose. Consumers of luxury goods are mostly wealthy. Therefore a ban should be placed on the import of luxury and non-essential goods. Independent economists have been reminding the government to reshape its pro-rich economic policies to avert financial insolvency on account of the debt trap.
Arif Majeed
Karachi
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