High-Level Meeting Called on New Auto Policy Ahead of IMF Talks

Hamza Shahbaz, a Member of the National Assembly (MNA), has convened a top-level briefing on Pakistan's forthcoming five-year auto policy, according to sources. The meeting, which is set to take place on Wednesday, will see officials from the Ministry of Industries and Production brief Hamza Shahbaz, the son of Prime Minister Shehbaz Sharif, on the proposed automotive strategy.

The new auto policy is a vital component of Pakistan's existing economic strategy and is expected to be presented to the International Monetary Fund (IMF) later this week. Previous IMF negotiations on the auto policy had been delayed due to disagreements with the draft. Following the IMF's approval, the five-year policy framework will proceed to the Federal Cabinet for approval, and subsequently, it will be presented to Parliament for final legislative approval.

This implies that the policy still faces three obstacles—the IMF, the Cabinet, and Parliament—before it can be implemented. Car buyers are particularly interested in the new policy as it is anticipated to alter vehicle taxes and duties, potentially resulting in lower car prices. However, until the policy clears all three stages, the existing rates and prices will remain unchanged.