AMN/ WEB DESK
Sri Lankan Secretary of Trade, Commerce and Food Security Ministry, Priyanka Atapattu has said the Sri Lankan Government is considering lifting restrictions placed on certain imports in due course. Speaking to local newspapers, he said, the restrictions will be lifted in stages. He added that the envisioned IMF bailout package will restore the stability of exports and imports.
Meanwhile, State Minister for Finance Ranjith Siyambalapitiya has said that the Removal of import controls requires deep thought and management. He added that the scrutiny is necessary, despite the central bank running a payments surplus with a deflationary policy.
Sri Lanka imposed import controls in 2020 as the central bank printed money. The Central bank had also repaid maturing debt with new money triggering outflows greater than inflows.
Sri Lanka is going through its worst-ever economic crisis since its independence in 1948 with a slump in forex reserves for the last year. Over the last 10 days, the Lankan rupee has appreciated around 15 per cent bringing hopes of stability to the island nation.