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Increase in dollar reserves will enable vehicle imports: Siyambalapitiya

22 Apr 2024 - {{hitsCtrl.values.hits}}      

By Chaturanga Samarawickrama   
The gradual increase in dollar reserves and the rise in the value of the rupee expected in the future will enable the import of vehicles, Finance State Minister Ranjith Siyambalapitiya said.  

Addressing a meeting in Ruwanwella, he said the committee appointed to carry out a high-level study to systematically remove restrictions on the import of vehicles is currently active.  Due to the economic crisis in the country, import restrictions were imposed on between 1,500 and 2,000 items, but due to the gradual recovery of the economy, these restrictions are now only effective on the import of vehicles.  This committee will make a list of the essential and indispensable vehicles for the country and accordingly these activities will be done in the future.  
Also, the Minister said that future decisions on importing vehicles will be made by focusing on many factors such as which vehicles will be imported, whether used vehicles will be imported, for how long will used vehicles be imported, how many vehicles will be allowed on the country’s highway system etc.  
The Minister explained that in debt restructuring process, loan installments are set in a way that suits the country’s economy and loan repayments are made accordingly, and that there will be no decrease in reserves due to these loan repayments.