Committee to plan roadmap for future vehicle imports

• State Minister of Finance Ranjith Siyambalapitiya asserts vehicle imports would be discussed and agreed upon with IMF
• States priority to import vehicles used for public transportation and goods transport, motorcycles and cars, lastly luxury vehicles
• Assures special attention to ensure balanced approach throughout gradual vehicle import process

State Minister of Finance Ranjith Siyambalapitiya announced that the Government has submitted a roadmap to gradually relax restrictions on vehicle imports via a phased process, to ensure minimal impact to the country’s crucial foreign reserves. 

Speaking to journalists on Saturday, he announced the formation of a committee to devise a program for future vehicle import activities, noting that such imports directly impact the country’s foreign reserves. The committee comprises representatives from the Department of Trade and Policy of the Finance Ministry, the Department of MotorTraffic, the Central Bank, the Associations of new and used car importers, the Association of vehicle assemblers, the Industry Ministry and the Environment Ministry.

“As per the roadmap, the Government plans to relax import restrictions in stages, starting with vehicles used for public transport services,” Siyambalapitiya said.

He highlighted that the matter regarding the vehicle imports would be discussed and agreed upon with the International Monetary Fund (IMF), which is currently guiding the country’s fiscal policy. 

According to the recent IMF report, the Sri Lankan authorities have outlined an initial roadmap to phase out these restrictions. The plan begins with the importation of public passenger and special purpose vehicles in the third quarter, followed by goods transport vehicles in the fourth quarter of 2024 and the rest by 2025. 

Siymbalapitiya also stated that while relaxing the import restrictions, priority would be given to vehicles used for public transportation, goods transport, motorcycles and cars used by the general public. 

“Restrictions on luxury vehicles would be addressed lastly,” he said.

He assured that special attention would be paid to ensuring a balanced approach throughout the gradual vehicle import process.