Minister of Finance Shaukat Tarin has announced on Thursday that the government has decided to stop the import of CBU (Completely Built Units) vehicles, in addition to other ‘frivolous’ imports as the current account deficit reaches an alarming $1.6 billion a month. Government to stop import of completely built up vehicles (CBUs), check ‘frivolous’ imports. In overall automobile imports of around $2 billion, the import bill of completely (CKD) and semi-knocked down (SKD) kits for cars, bikes and heavy vehicles stood at record $1.6bn in FY21 as compared to $727m in FY20. Earlier, the government, under Auto Policy 2016-21 had allowed assemblers to import 100 units per variant to test the market. But the massive import bill suggests that commercial imports by some specific models have enjoyed an edge.

Source: Pakistan Today November 26, 2021 17:16 UTC