Ban on import of various products: Govt’s decision will save precious foreign reserves: analysts

LAHORE: Analysts expressed optimism that the current government’s decision to impose a ban on imports of various products is helpful in saving the precious foreign reserves.

Economist Dr Noor Fatima said that there is a big trade and current account deficit but the government is making all-out efforts to mitigate the impacts. Moreover, the government’s decision to impose a ban on imports of various products is helpful in saving the precious foreign reserves, she said, adding: “The government’s steps in the power sector are also appreciable as these will help overcome the prevailing energy crisis in the country”.

Another economist Dr Talat Shabbir said there are a number of reforms that the government can make with regard to production, industry and trade to minimize the impacts of global inflation on our country.

“Overall, it is a tough time for the world economy and Pakistan is no exception”, he said, adding: “The government has taken some tough and unpopular decisions and put its credibility at stake for stabilising the economy. Ban on imports will be helpful in strengthening the value of rupee against dollar, he said.

Copyright Business Recorder, 2022