President Maithripala Sirisena has instructed the Ministry of Finance to submit to him a report within one week, detailing items on which a Restriction of Imports can be enforced. The President has taken this move, considering the challenging situation the country faces, in the present volatile context of the International Market.
The President gave these instructions when the National Economic Council convened at the Presidential Secretariat, yesterday. Lengthy discussions took place on the course of action Sri Lanka needs to take to surmount economic challenges that would appear, as a result of the US dollar gaining strength in the International Market.
Attention was focused upon updating the list of non-essential goods on which import restrictions are currently enforced, and restricting the importation of polythene and goods that threaten local indigenous industries.
The President pointed out to the National Economic Council; the trade deficit can be narrowed by restricting the importation of non-essential goods, and levying appropriate custom taxes on other imports.