News
Import restrictions to be lifted on 100-150 items
View(s):- Treasury officials say vehicle import ban would remain at least for another year
By Damith Wickremasekara
The Government will lift import restrictions on 100 to 150 items in the next four months, provided that the move does not have an impact on the exchange rates, foreign reserves and inflation, senior Treasury officials said.
They said the vehicle import restriction would remain as imports would drain at least US$ two billion a year and this would have an impact on the foreign reserves.
Electronic equipment, including computers, mobile phones, television sets, home appliances, stationery items, food items, clothing material and garments, leather products, cosmetics, medical equipment, spare parts, raw material required for industries, agriculture equipment, bathroom fittings and ceramic tiles are among the items on which import restrictions would be lifted.
The Treasury officials said the Central Bank, the Industries Ministry and the Treasury would work out the quantity of items on which restrictions would be lifted.
The objective would be to ensure that there would be no black market for the items, one official said.
“However, there will be a strict monitoring mechanism to ensure that the facility is not exploited and the imports do not exceed the required quantities. If the need arises the restrictions could be reimposed,” he added.
The move comes after the International Monetary Fund (IMF) approved an extended credit facility this week.
At present, Sri Lanka has import restrictions on some 1,500 items, including vehicles. The vehicle-import ban is expected to remain for the next one and half years.
Meanwhile, Sri Lanka is expecting further loans from the World Bank, the Asian Development Bank, other lending agencies and donor countries.
Among the funding expected is US$ 330 million from the ADB in July and another US$ 250 million from ADB in December. A World Bank facility of around US$ 300 million for social welfare programmes is under negotiations.
Loans from Japan International Cooperation Agency (JAICA), China Exim Bank and World Bank projects are expected to be released after September.
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