The world is facing an economic crisis and the worst-hit Sri Lanka has recently been reported to have used up the last barrel of petrol. Never in 70 years did the country face such a situation. We really hope things get better for Sri Lanka and the financial crisis could be overcome. However, this also comes with a lesson for the world and the countries in the same region. If things are not taken control of, measures are not put in place to prevent the foreign and national reserves from depleting – the entire region of South Asia will plunge into the worst economic crisis in history. Seems like Pakistan is already facing its share of economic problems and it’s just the start. The government has decided to impose a ban on the import of luxury and non-essential items.
Pakistan’s economic crisis
With each passing day, the economic conditions of Pakistan are hitting a new low. It is not just an opinion but apparently a fact. Pakistani currency has depreciated to Rs. 200 against the US dollar. The fuel and electricity hikes, political crisis, national reserves are running out, etc. Everything is going south and then there are those who are still living in a fool’s paradise and are claiming everything is fine. Recently, the government due to the ongoing situation in the country has decided to impose an import ban on luxury and non-essential items.
Ban on the import of luxury items
The concerns were raised by the business community over the imports. In a high-level meeting, the primer said “Precious foreign exchange would not be spent on import of unnecessary and luxury items.”
The products that are not in the use of a common man are going to be banned. Some of the items include cars, cosmetics, mobile phone tool kits, etc. This will ensure that the country doesn’t spend money on imports of unnecessary items. Looks like we’ll have to live without Gucci for some time. But the question here is can you live your life without these luxury products? Even if you can’t the ‘tough decision’ has been made. Ye tou bohat mushkil ho jaye ga.
Will banning cosmetics or cars be enough to get the country back on track? There is still a lot that is needed to be done but we have taken a lean back and are waiting for the fire to burn down the whole house.
The government should devise policies that can guarantee sustainability for a long time. Moreover, mindlessly taking loans from IMF without having repayment means in hand, will have repercussions for the country.
For now, the imports are being curtailed to mitigate the financial crisis. We hope and pray that the country can overcome these crises and work toward sustainable development.