Member of the National Assembly (MNA) Hamza Shahbaz has summoned a high-level briefing on Pakistan’s upcoming five-year auto policy, sources told ProPakistani a short while ago.
Officials from the Ministry of Industries and Production are scheduled to brief Hamza Shahbaz, the son of Prime Minister Shehbaz Sharif, on the proposed automotive strategy on Wednesday.
Policy Heads to the IMF This Week
The briefing follows the Prime Minister’s recent approval in principle of the new auto policy.
The proposed policy is a key part of Pakistan’s ongoing economic framework and is scheduled to be shared with the International Monetary Fund (IMF) later this week. Earlier rounds of talks with the IMF on the auto policy had stalled over objections to the draft.
What Happens Next
Once the IMF formally clears it, the five-year policy framework will go to the Federal Cabinet for approval. It will then be laid before Parliament for final legislative ratification.
That means the policy still has three hurdles to clear, the IMF, the Cabinet and Parliament, before it can take effect.
What This Means for Car Buyers
The new policy is closely watched by buyers because it is expected to change taxes and duties on vehicles, which could bring car prices down. Until it clears all three stages, however, current rates and prices remain in place.
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