Easing of import controls signals country ready for business: Semasinghe

State Minister of Finance Shehan Semasinghe said government lifting the import restrictions on 286 items will send a

strong signal that Sri Lanka’s economy is open for business and the country is back on track.
Semasinghe said opening the country for imports will infuse the economy and mitigate inflationary effects further and enhance price stability. 

He explained that imported goods can help moderate prices by providing consumers with options and lower-cost alternatives and expected the consumers to benefit from the move. 
“We expect the pricing advantage will be passed on to the consumers as fast as possible,” the Minister said.

However the Minister cautioned the importers to be mindful of the impact on the foreign reserves, exchange rate, and balance of payment and to mitigate the impact on local industries. “The government expects every importer to act with responsibility to ensure sustainable growth of the economy,” he said.