KARACHI – Pakistan’s central bank has revoked all restrictions on imports to meet a crucial demand tabled by International Monetary Fund (IMF), as talks between two sides remained in air for months.
State Bank of Pakistan issued a circular, in which the officials announced ending all restrictions on imports in order to fulfill another IMF condition.
SBP steps back on stern import curbs as thousands of containers are stuck at Karachi port while it has directed banks to prioritise specific types of imports and sectors.
State Bank issued a circular to lift import restrictions and allowed banks to provide foreign exchange to release more than 6,000 containers stuck at the ports. pic.twitter.com/1vjKvYxsOH
— Karachi Chronicles (@Khi_Chronicles) June 23, 2023
Sharif-led government allowed banks for providing remittances to release stuck containers. Remittances will be provided for all imports after the enforcement of the latest order, SBP said.
Pakistan and the International Monetary Fund (IMF) are facing a deadlock for the revival of bailout funds, however, the US-based lender demands several changes including a hike in taxes in the budget.
Pakistan s current account posts surplus for third month amid restricted imports
