Import restrictions on 10 items lifted

The Minister of Finance has published a special gazette notification revoking the import restrictions on 10 items, Finance State Minister Ranjith Siyambalapitiya says.

Accordingly, the communiqué has rescinded the import restrictions imposed on energy drinks for the tourism sector, MDF boards of furniture, CCTV for security purposes and Sports Ministry-approved items.

The revocation is effective from today (Dec 20).

Speaking in this regard, the state minister mentioned that this is the third time Sri Lanka relaxed the restrictions imposed on imports. Previously, the government lifted the limits on two occasions, allowing the import of 785 items in total.

“Earlier, the government took measures to restrict imports in an attempt to resolve the forex issue facing the country,” Siyambalapitiya explained, adding that in 2020, Sri Lanka’s import expenditures, which were at USD 16,055, increased to USD 20,637 in 2021.

After limiting the import of 1,465 items, the government managed to save USD 1,211 million in total just within three months, from August 23, 2022 to November 23, 2022, he explained.