PM for checking imports amid a serious spike

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Prime Minister Imran Khan has asked his economic team to check the increase in the import of non-essential goods, including that of vehicles, as his government might face a challenge of an unmanageable current account deficit because of a projected record of $70 billion in imports this fiscal year.

On Tuesday, PM Imran was briefed on the month-wise status of foreign inflows and outflows.

The discussion largely remained focused on the trade figures, which were “not very healthy” in the first month of the fiscal year, at least two participants of the meeting told The Express Tribune.

Both the net foreign direct investment and exports fell short of the government’s estimates for July but the imports were higher than its projections, they added.

Overall, the premier expressed his satisfaction with the increase in the import of plants and machinery, but he asked the finance ministry and the State Bank to remain vigilant because of the surge.

Finance Minister Shaukat Tarin has taken the responsibility to ensure monitoring of all external inflows and outflows related indicators, the sources said.

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