Cabinet green-lights submission of new rules under Imports and Exports (Control) Act in Parliament

Wednesday, 22 March 2023 00:00 - - {{hitsCtrl.values.hits}}

Cabinet Co-Spokesman and Minister Bandula Gunawardena says Govt. will not lift import restrictions immediately, but consider it on a meticulous process
Says President already instructed to ease import restrictions on a priority basis for most impacted industries

The Cabinet of Ministers approved the submission of new regulations issued under the Imports and Exports (Control) Act No. 1 of 1969 for the Parliament.

Accordingly, the Import and Export Control Regulations for Payment Methods No. 04 and No. 05 of 2023 published in the Extraordinary Gazette No. 2320/46 and 2320/47 on 22 February 2023 will be submitted to the Parliament for approval.

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

Speaking at the post-Cabinet meeting media briefing yesterday, the Cabinet Co-Spokesman and Minister Bandula Gunawardena said the Government would not lift the import restrictions immediately but would consider it on a meticulous process.

“We cannot lift the import restrictions like a flood gate though we receive the first tranche of IMF assistance within the next couple of days. The Central Bank will consider it on a step-by-step process,” he added.

He also said that the President has already instructed to ease the import restrictions on a priority basis for most impacted industries.