Basil directs steps to boost foreign exchange earnings

Finance Minister Basil Rajapaksa speaking at the meeting 

• Reviews progress made in exports and foreign employment in first 8 months
• Instructs officials to expedite solutions to achieve optimal results by year-end 

Finance Minister Basil Rajapaksa had instructed officials to identify problems faced by the export sector and foreign employment and take necessary steps to strengthen foreign exchange earnings to support growth.

In a lengthy discussion on the progress review made on foreign exchange earnings through the exports and services during the first eight months, the Minister highlighted that it is the objective of President Gotabaya Rajapaksa to lead the country towards a manufacturing economy, and that necessary steps will be taken to prioritise it.

Ministers, Secretaries to Ministries, and a number of Government officials were presented at the foreign exchange inflow progress review meeting held at the Temple Trees last Friday.

Accordingly, the targets achieved in the export of textiles and apparel, tea, rubber and rubber products, coconut and coconut-based products, electronics and electrical products, other export crops, gems and jewellery and seafood were also reviewed.

It was revealed that the average monthly income from merchandise exports is $ 840 million, and in the first eight months, it has increased to $ 986 million. Despite the COVID pandemic related challenges, rubber and rubber-based products, as well as electronic and electrical exports, have successfully achieved the expected targets, while other sectors have also achieved a satisfactory performance level.

Export earnings grew by 24% to $ 7.9 billion in the first eight months, from the corresponding period of last year.

The discussion focused on the issues faced by the respective sectors and solutions required to overcome the obstacles to achieve the optimal results by the end of the year.

The Finance Minister also instructed the officials to identify the problems faced by those who are looking to go abroad for employment and to take immediate action to resolve them.

He emphasised the need to remove any drawbacks as soon as possible, as there is a growing demand for Sri Lankans in the foreign employment market.

Accordingly, attention was drawn to the issues faced by the lack of aircraft seating facilities for those who are currently expected to travel abroad and instructed the officials to fast-track the resolutions by liaising with foreign airlines as required in addition to the national carrier.

Rajapaksa pointed out that the expatriate Sri Lankan working-class community plays a significant role in earning foreign exchange and added that it is the responsibility of the relevant officers to resolve the issues faced by them.

Finance Minister Rajapaksa also stressed that while strengthening the economy and maintaining the growth of the export sector, it was important to continue with the development activities in the country.