Sri Lankan export revenue exceeds imports for the first time .Prez

10 July 2020 12:10 am - 0     - {{hitsCtrl.values.hits}}

A A A

 

By Sandun A Jayasekera

President Gotabaya Rajapaksa briefed the cabinet on Wednesday on the success of the economic fundamentals adopted to face the challenges posed by the Covid 19 pandemic and said Sri Lanka’s exports revenue had overtaken the imports revenue for the first time since the open economy was introduced in 1977, Cabinet spokesman and Minister Bandula Gunawardana said yesterday.   


In June, Sri Lanka’s exports revenue has topped US$ 1,020 million while US$ 961 million has been spent on imports, saving US$ 59 million after four decades, Minister Gunawardana told the media at the weekly cabinet news briefing.   


“The government has been able to achieve this success after the imposition of import restrictions imposed soon after Gotabaya Rajapaksa assumed presidency in November last year. The Rajapaksa government clamped down on the import of food items, fruits, vegetables, spices and other commodities which can be produced locally. You may recall how the Yahapalana government issued permits to import kites, Vesak lanterns, candles, toys, spices, pepper and even cashew with no concern at all on the unrestricted draining of foreign reserves Minister 
Gunawardana stressed.   


Uncontrolled imports had contributed to the rapid depreciation of the rupee against the dollar under the Yahapalana government and as a result, the rupee devalued to Rs. 180 by 2020 from Rs. 131 against the dollar in 2014, he added.   


Minister Gunawardana said one of the main objective of import restriction was to increase foreign reserves and thereby appreciate the value of the rupee against the dollar.   


President Rajapaksa is of the view that restriction of non essential or highly luxurious imports has begun to pay dividends. Despite the global recession brought about by the Covid 19 pandemic, Sri Lanka has been able to keep the rupee around Rs. 180 against the dollar and export more than imports. This will appreciate the rupee against the dollar and contribute to bring down the cost of living, Minister Gunawardana emphasized.    

 

  • Sri Lanka’s exports revenue has overtaken the imports revenue for the first time since the open economy was introduced in 1977
See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




“I don’t think Sri Lankans can be realistically ruled by force” -Ahimsa Wickrematunge

Twelve years after the assassination of Lasantha Wickrematunge, the founding

Decisions to be made in Sri Lanka’s hunt for the COVID-19 Vaccine

Around the world, governments are gearing up to roll out nationwide immunizat

“I am the Godfather of Russian tourists” - Udayanga Weeratunga

Former Sri Lankan Ambassador to Russia Udayanga Weeratunga is back in the sce

Sri Lankan migrant workers still in limbo

Sri Lanka’s migrant workers are a significant part of our economy, with the

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.