Regulations to further ease import restrictions goes for Parliament approval

Thursday, 29 June 2023 03:18 - - {{hitsCtrl.values.hits}}

Decides to remove 286 combined classification codes from list of 1,216 in schedule of suspended imports

The Government has decided to present regulations to Parliament to ease import restrictions further to promote a favourable economic environment.

Recognising the need to strike a balance between import limitations and the overall balance of payments, the Central Bank of Sri Lanka, along with other relevant stakeholders, has acknowledged the necessity of easing restrictions on specific categories of goods. As a result, a decision has been made to remove 286 combined classification codes from the list of 1,216 combined classification codes in the schedule of suspended imports.

To facilitate this regulatory change, the Import and Export (Control) Regulations No. 9 of 2023 have been published in the Extraordinary Gazette Notification No. 2335/26, dated 9 June 2023.

The proposal to this effect submitted by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation, and National Policies Minister was approved by the Cabinet of Ministers at its meeting on Monday.

Given the severity of the economic crisis, regulations were issued as per Import and Export (Control) Act No. 1 of 1969 to suspend the import of certain selected goods to ease the steaming pressure on the foreign exchange reserves and the financial market due to unfavourable economic circumstances prevailing within the country.