The Cabinet has decided to approve the import of vehicles in several stages from October 1st this year.
- The Cabinet has decided to approve the import of vehicles in several stages from October 1st this year.
- Minister of State for Finance Mr. Shehan Semasinghe said that the import of vehicles, which will be carried out under several stages, is scheduled to start from October 1st.
- Accordingly, vehicles used for public transport services are allowed to be imported first.
- It has been decided to import commercial and cargo vehicles from December 1 this year.
- In addition, it is stated that the cars are scheduled to be imported from the first of February next year.
- The government of Sri Lanka decided to suspend the import of vehicles in the year 2021 due to the crisis in the economy due to the effects of the Corona virus.
- Due to the severe economic crisis that followed, the Sri Lankan authorities decided to continue the ban/restriction
- Also, imports of more than 2,000 types of goods were stopped and the restrictions were removed from time to time.
13 September 2024 Cabinet
However, on June 26, 2024, Cabinet Spokesperson Minister Bandula Gunawardena stated as follows.
Sri Lankan Cabinet Spokesperson, Minister Bandula Gunawardena confirmed that vehicle import restrictions will not be relaxed in 2024. Finance Minister President Ranil Wickremesinghe hopes to ease restrictions in 2025, subject to careful evaluation and meeting the requirements of the International Monetary Fund (IMF).
Sri Lanka’s extended funding facility with the IMF requires specific targets for foreign exchange reserves, targeting $8 billion by 2025, $10 billion by 2026 and $14 billion by 2027. The government cannot risk depleting these reserves through increased vehicle imports.
Minister Gunawardena emphasized that a committee under the Ministry of Finance is currently gathering information and preparing a future plan to ease the restrictions. No final decisions have been made, and any changes will prioritize maintaining strong foreign exchange reserves.
On June 26, 2024 Cabinet Spokesperson Minister Bandula Gunawardena
The conversation goes like this, we all know that the economic situation is still the same, in dire straits. But we still don’t have enough dollar reserves to import vehicles. Is this just an election-oriented statement? Think wisely…
