The federal government has decided to start removing the restrictions on the import of non-essential and luxury items as well as provide electricity at subsidized rates to specific industries, according to media reports.
According to media reports, a special meeting of the Economic Coordination Committee (CEC) had been called on Sunday, but it was cancelled, with the decision to discuss its agenda items with other important items on Monday.
A local media report citing sources said that the government has been expecting inflows worth $3 billion in the ongoing week and has resultantly decided to provide “confidence and a feel-good sense to the market”.
Media reports have claimed that the Commerce Ministry, after consultations with energy and finance ministries, along with export sectors, had sought to adjust electricity rates at nine cents per unit (kilowatt-hour) for five major export-inclined sectors including jute, leather, carpet, surgical and sports from July 1, 2022 to June 30, 2023. These sectors would also be provided with regasified liquefied natural gas (RLNG) at $9 per unit [million British thermal units (mmBtu)] instead of $6.5 per mmBtu. This will be applicable across the country without any disparity.
Moreover, due to the large impact on foreign exchange of mobile phones and automobiles, the ban has not been lifted yet.
Timber/wood import had been exempted from the ban through statutory regulatory orders (SROs) on July 22.
The government had, amongst other things, imposed a ban on the import of 30 categories including automobiles, mobile phones, home appliances, fruits (except Afghanistan), crockery, and private weapons.
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