The government is ready to lift the ban on the import of luxury goods

 ISLAMABAD: The government is all set to lift restrictions on the import of non-essential and luxury items on May 19.

To make the country's exports competitive, it will provide subsidy of 9 cents per unit on electricity and $9 per unit on gas during the current financial year. Sources said that the government expects to receive about $3 billion from friendly countries during this week.

The government wants to instill confidence and positive sentiment in the market by temporarily relaxing import restrictions on most of the 85 items (except mobile phones and automobiles) by clearing import payments while supporting 5 export sectors. .

The Ministry of Commerce, in consultation with the Ministries of Energy and Finance and the export sectors, has approved a subsidy of 9 cents per unit on electricity from July 1, 2022 to June 30, 2023 for five export sectors namely, wool, leather, carpets, surgical instruments and sports goods. What is the decision?

In addition, imported and regasified liquefied natural gas (RLNG) will also be subsidized to these sectors at $9 per unit, currently supplying 6.5 million British thermal units (MMBTU) per unit. going and this rate will be applicable for all these 5 sectors for all parts of the country without discrimination.

The government has already allocated 60 billion rupees in the budget for the supply of energy at subsidized tariff, out of these 60 billion rupees, 20 billion rupees are allocated for electricity and 40 billion rupees for subsidy.