Sri Lanka to review industry-crippling import ban every two weeks

Sri Lanka
By Editor_1
Sri Lanka tightened import restrictions in August 2022, with a ban on more than 300 additional items, as an economic crisis that has created months of shortages and toppled a president refuses to abate -AFP

COLOMBO – An import ban imposed in Sri Lanka which has severely impacted a number of industries will be reviewed every two weeks and amendments made as needed, to cabinet spokesman Ramesh Pathirana said on Tuesday (13).

He told reporters that amendments to the list of items will be presented to Parliament for approval soon.

Sri Lanka slapped a ban on the import of over 300 items in August, amid the worst currency crisis triggered in the history of the island’s soft-pegged central bank.

Speaking to reporters at the weekly cabinet press briefing, Pathirana acknowledged that the ban has impacted industry and created issues in obtaining raw materials and inputs.

“This is only a temporary measure. We’re ready to lift the ban as soon as the foreign exchange crisis has been resolved. The government has also decided to review it every two weeks,” he said.

One of the victims of the ban, Decathlon, a France-based sportswear brand, announced earlier in the week that it was closing its stores in Sri Lanka after the ban made it impossible for the firm to operate in the country.

Pathirana said exemptions have been made for items that have been recognized as essential.

“It’s not a permanent list. It’s subject to change.

“A lot of industrialists have spoken to us about their grievances. We will take action to change it,” he said.

Experts say forex shortages are a problem associated with soft-pegged regimes, and are absent in clean floats and hard pegs and is linked to money and credit.

Import bans have no effect as long as credit fired by printed money continues.

The latest import ban, however, came amid a steep correction in the balance of payments after the central bank allowed rates to go up, reducing private credit and investments.

The banned items include dairy products, cosmetics, electrical goods, watercraft, ships, aircraft, electrical and electronic goods and building material.

Some industrial machinery including metalworking machinery, packing machines and ball bearings have also been halted. Many small and medium industries have said they are facing difficulties.

-economynext.com

Editor_1
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