The International Monetary Fund (IMF) has urged Pakistan to revise its used car import schemes for overseas Pakistanis amid growing concerns over misuse and loopholes.
The IMF raised objections over the current Gift, Personal Baggage, and Transfer of Residence Schemes, under which overseas Pakistanis who have spent between 180 and 700 days abroad can import used vehicles into Pakistan.
Citing official sources, the publication reported that the Ministry of Industries and Production is considering scrapping all but the Transfer of Residence Scheme, especially after the government recently allowed the commercial import of used vehicles.
However, the Ministry of Finance has proposed tightening the eligibility criteria instead of a complete rollback, while the Ministry of Commerce has opposed eliminating the schemes due to their importance for overseas Pakistanis.
The proposed revisions include increasing the minimum stay abroad requirement under the Gift and Transfer of Residence Schemes from 700 days to 850 days within the past three years. The Personal Baggage Scheme would continue to require 180 days of foreign residence within the seven months before application.
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