Committee formed to plan program to relax vehicle import restrictions

Saturday, 15 June 2024 - 18:26

Committee+formed+to+plan+program+to+relax+vehicle+import+restrictions+
State Minister of Finance Ranjith Siyambalapitiya announced today (15) that a committee was established on Friday (14) to develop a future program for vehicle importation. This decision follows ongoing discussions with the International Monetary Fund (IMF), which has been instrumental in shaping the country's financial strategies.

The initial phase of easing restrictions will focus on vehicles used for public transport. This approach aims to address immediate transportation needs while managing the economic implications. The State Minister emphasized that the relaxation process would be methodical and gradual, starting with public transportation vehicles, goods transportation vehicles, motorcycles, and cars commonly used by the general public.

A newly appointed committee will be responsible for developing and overseeing this program. This committee comprises key stakeholders, including the Department of Trade and Investment Policies of the Ministry of Finance, the Department of Motor Traffic, the Central Bank of Sri Lanka, representatives from the vehicle import sectors, the Associated Vehicle Assemblers, the Ministry of Industries, and the Ministry of Environment.

Key Points from the Announcement:
Committee Formation: The newly appointed committee includes representatives from:

Department of Trade and Investment Policies of the Ministry of Finance
Department of Motor Traffic
Central Bank of Sri Lanka
Vehicle import sectors
Associated Vehicle Assemblers
Ministry of Industries
Ministry of Environment

Roadmap to IMF:
The government has submitted a roadmap to the IMF detailing plans to relax vehicle import restrictions. This roadmap is designed to manage the impact of vehicle imports on the country’s foreign reserves.

Initial Focus on Public Transport:
The relaxation of import restrictions will commence with vehicles used for public transportation. This approach aims to address immediate needs while managing economic impacts.

Gradual Easing of Restrictions:
Restrictions on goods transportation vehicles, motorcycles, and cars used by the general public will be the next focus. The committee will gradually ease restrictions on luxury vehicle imports, taking their economic implications into consideration.

Siyambalapitiya stressed that the focus will initially be on easing restrictions for vehicles used in public transportation to ensure the immediate needs are met without causing significant disruption to the country's economic stability. Following this, there will be a gradual easing of restrictions on luxury vehicle imports, with careful consideration given to their broader economic impacts.

Minister Siyambalapitiya emphasized the importance of a measured approach to ensure that the easing of restrictions supports economic stability and growth.

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