Cabinet Spokesman Mass Media Minister Vijitha Herath emphasized that vehicle imports will be conducted through a proper procedure in order to prevent a repeat of the previous dollar crisis.
He was speaking to the media yesterday at the weekly Cabinet press briefing held yesterday at the Government Information Department. Stressing the government’s stance that vehicle imports should be permitted, Minister Herath said that there is a high demand to allow vehicle imports at present.
“A Cabinet decision has already been made on the matter. However, since coming into power, we have not imported any vehicles or permitted any vehicle imports with tariff concessions,” he said.
This decision comes after more than four years of strict import restrictions that were originally put in place in March 2020 to protect the country’s foreign exchange reserves during the economic crisis.
The Minister added, “We believe vehicle imports should be allowed, but only through a well-regulated process.” The phased removal of the suspension is part of a calculated approach to stimulate the economy without compromising the country’s foreign exchange reserves or its commitments to climate change mitigation.
The Central Bank of Sri Lanka has issued necessary recommendations to the Finance Ministry on the import of vehicles in such a way that there is no obstruction to Sri Lanka’s foreign reserves, Central Bank Governor Dr. Nandalal Weerasinghe said earlier.
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