Marriyum Aurangzeb addresses during a press conference in Islamabad.
Pakistan's current account deficit has spiralled out of control and its foreign exchange reserves have tumbled while the Pakistani rupee has plummeted to historic lows against the US dollar.
"All those non-essential luxury items that are not used by the wider public, a complete ban has been imposed on their import," Marriyum Aurangzeb told reporters.
A shopkeeper arranges perfumes in a showcase at his shop in Peshawar on Thursday. Reuters
She said luxury imported items, including vehicles, mobile phones, home appliances, dry and fresh fruits, crockery, private weapons, decoration items, preserved and frozen food items, sanitary where, doors and windows, beauty and confectionery items.
She said the measures are to address fiscal instability, which she blamed on the previous government of prime minister Imran Khan, who was ousted in a no-confidence vote last month over charges of mishandling the country's economy. "There is an emergency situation in the country," she said.
It was not immediately clear how long the ban will be in place, but Aurangzeb said that along with other fiscal measures it would help save critical foreign exchange reserves for the next two months. She said the steps would save $6 billion annually.
Pakistan's major imports are fuel and edible oil and pulses, which will remain unaffected.
A shopkeeper arranges cosmetic trays in a showcase at his shop in Peshawar. Reuters
Some projections see Pakistan's current account deficit this financial year hitting around $17 billion or over 4.5% of GDP with a swelling import bill and spiking global commodity prices.
Pakistan's foreign currency reserves have declined rapidly: funds held by the central bank fell $6 billion from $16.3 billion at the end of February to just above $10 billion in May.
A foreign currency dealer counts US dollars at a shop in Karachi. AFP
Pakistan's finance team is in talks with the International Monetary Fund in the Qatari capital Doha to restart a funding programme it began in 2019 but which has stalled over Pakistan's implementation of policy actions required to receive funds.
The SBP said the accounts have been opened by overseas Pakistanis from over 100 countries, indicating the increasing reach of the RDA and helping the government and the central bank improve the external account of the country.
According to people familiar with the deal, the Qatar Investment Authority is evaluating strategic investments in Islamabad and Karachi airports, as well as in the power, renewable energy and hospitality sectors in Pakistan.
The governor receives an annual increment that is 10% of his monthly salary. For accommodation, the state bank governor receives either the "furnished and maintained" SBP House or rent allowance with furnishing and maintenance as approved by the SBP board.
Prime Minister Imran Khan says the last two years of his life were the toughest, despite having struggled all his life, as Pakistan was facing challenges from all fronts.
“My entire life has been a struggle,” he told Dunya TV channel.
Shocked motorists and law enforcement watched in horror as the Nissan Altima was launched 120 feet (37 meters) down the highway in Lowndes County, according to police report on the May 24 crash.
The total resident population is up 34.2 per cent since 2010 — an increase of 8.2 million people, of whom 4.8 million are Saudi nationals. Among Saudis, 63 per cent of the population is below the age of 30.
In the first quarter of 2023, the Ministry of Economy imposed fines worth Dhs65.9 million on 137 companies operating in the UAE’s designated non-financial business or professions (DNFBP) sector.
"These provocative and dangerous maneuvers are a source of problems for maritime security," said Mao Ning, a spokesman for the Chinese Foreign Ministry, stressing that "the United States must immediately stop these dangerous provocations."