This is apropos a Business Recorder op-ed “The grim challenge of import addiction” carried by the newspaper on Thursday. The writer, Tahir Jahangir, seems to have offered a highly informed perspective on the above-mentioned subject.
Most of the points that he has raised in his write-up make a greater sense, so to speak. Unfortunately, however, he seems to have lost sight of the downside of the curbs on imports.
In other words, he has failed to look at the bigger picture. These almost across-the-board restrictions on imports by State Bank of Pakistan (SBP), in my view, have massively contributed to the current economic slowdown that has resulted, among other things, in huge layoffs; it has also given rise to dissatisfaction among masses.
The central bank’s approach to letters of credit (LCs) has unfortunately hit the imports of essential and non-essential items alike. Creating impediments to the import of essential items, in my view, is not a wise step.
That is why perhaps SBP is required to revisit its strategy in relation to LCs without any further loss of time.
Last but not least, how ironic it is that the ruling coalition, which has just completed one year in power, is still clueless insofar as the country’s economic challenges are concerned.
Here I would request the SBP that it must protect and preserve its independence, autonomy and sanctity at all cost.
Salma Daultana (Lahore)
Copyright Business Recorder, 2023
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