Islamabad [Pakistan], January 22 (ANI): Even though Pakistan is on the verge of financial collapse, the cash-strapped country has spent USD 1.2 billion on the imports of transportation items, including luxury cars and high-end electric vehicles, during the last six months, reported The News International newspaper.

According to the report, Pakistan is facing an acute shortage of dollars and has less than USD 5 billion in its reserves with its State Bank. The report said this is hardly sufficient to finance three-week imports.

Also Read | UK Woman Suffering From Dairy Allergy Dies of Reaction After Using Milk-Touched Spoon to Stir Cup of Tea.

Last year, the imports of these transportation vehicles and other items were reduced. However, many Pakistani are still buying expensive luxury vehicles and unnecessary goods burdening the economy, the report said.

In the last six months, Pakistan imported completely built units (CBU), completely knocked down/semi knocked down (CKD/SKD) of USD 530.5 million equivalent to USD 118.2 billion, the daily added.

Also Read | Daler Mehndi Falls for Parody Tweet Claiming Prince Harry Listened to His Songs.

The Pakistan daily stated further that hefty spending on cars and other vehicle imports raises many questions about the government's policy of halting imports related to the industrial and commercial sectors.

This report comes as virtual talks between Pakistan and International Monetary Fund (IMF) are likely to commence next week amid a severe economic crisis and falling foreign exchange reserves.

Pakistan has sent an official email to the IMF to look into the process and complete its ninth review, which is pending on its side, Geo News reported.

Experts believe Pakistan could sink deeper into a quagmire if the IMF programme does not resumed within the next few weeks. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)