The State Bank of Pakistan has lifted all restrictions on imports to fulfill one more condition of the International Monetary Fund to unlock the funding under the stalled funding.

The central bank issued a circular on Friday to end all restrictions on imports in order to fulfill another IMF condition.

The federal government granted permission to banks for providing remittances to release more than 6,000 containers. The SBP stated in the circular that remittances will be provided for all imports after the enforcement of the latest order.

The authorised dealers have been given instructions to provide remittances following the recommendations of the stakeholders, said the central bank.

The SBP had curbed the imports of non-essential items only allowing the essential items’ imports to support the country’s foreign exchange reserves.

In the EPD Circular dated December 27, 2022, the SBP advised the authorised dealers to prioritise imports related to essential sectors such as food (wheat, edible oil, etc.), and pharmaceutical (raw material, life-saving/essential medicines, surgical instruments including stents).

The letter also prioritised energy imports; and raw materials, input goods, and spare parts for export-oriented industries.