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State Minister reveals plans to ease vehicle import restrictions amidst economic recovery

April 21, Colombo (LNW): Finance State Minister Ranjith Siyambalapitiya has outlined the prospective easing of import restrictions on vehicles, in light of the anticipated gradual increase in dollar reserves and the strengthening of the rupee in the future.

Speaking at a gathering in the Ruwanwella area, Siyambalapitiya disclosed that a committee has been tasked with conducting a comprehensive analysis aimed at systematically lifting constraints on vehicle imports.

Whilst acknowledging the economic challenges faced by the nation, the State Minister noted that import restrictions, initially imposed on a wide range of goods amidst the economic crisis, have now predominantly affected vehicle imports as the economy indicates signs of recovery.

The committee, in its mandate, will compile a list of essential and crucial vehicles for the nation, paving the way for future import activities aligned with national priorities.

Moreover, Siyambalapitiya stressed that forthcoming decisions regarding vehicle imports will be meticulously considered, taking into account various factors such as the types of vehicles to be imported, the possibility of importing used vehicles, the duration of such imports, and the impact on the country’s transportation infrastructure.

Addressing concerns about debt restructuring, the State Minister reassured that loan instalments are structured to suit the country’s economic capacity, ensuring timely repayments without diminishing reserves.

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