SBP removes import restrictions to appease IMF ahead of loan deadline

MG News | June 23, 2023 at 09:44 PM GMT+05:00

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June 23, 2023 (MLN): The State Bank of Pakistan (SBP) wants to remove all restrictions on imports, as more than 12,000 containers are currently stuck up at port due to lack of available dollars.

The SBP has instructed banks to give priority to specific types of imports and sectors.

In view of the representations received from various stakeholders, it has been decided to withdraw import restriction with immediate effect.

Analysts believe that this move is a final attempt to convince the International Monetary Fund (IMF), because generally IMF opposes any restrictions that hinder free trade.

The government, which is seeking a loan from the IMF, has only seven days left before the Extended Fund Facility (EFF) package expires.

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