IMF Eases Import Restrictions: Hope for Cheaper Used Cars in Pakistan

Pakistan's Used Car Market Sees Hope as IMF Eases Import Restrictions Pakistan's economy has been struggling, and the cost of living is high. The recent announcement by the International Monetary Fund (IMF) regarding import restrictions on used cars offers a glimmer of hope. The IMF has agreed to ease restrictions, allowing the import of used vehicles up to five years old. This decision is expected to significantly impact Pakistan's used car market. "This is great news for consumers," said H.M. Shahzad, chairman of the All Pakistan Motors Dealers Association. "We expect prices to come down considerably." The current import policy, in place since 2022, only allowed for cars three years old or less. The change is expected to increase the supply of used cars, leading to more competitive pricing. The video also highlights concerns from local car manufacturers who fear negative impacts. However, the overall sentiment is positive, with many anticipating significant benefits for ordinary citizens. The government is expected to finalize the legislative changes by the end of July. This development marks a positive step towards economic relief for many Pakistanis. The ability to import slightly older, more affordable cars could significantly improve access to personal transportation.