State Minister of Finance, Ranjith Siyambalapitiya, announced today that a committee is currently investigating the feasibility of allowing vehicle imports on a priority basis in the future. Siyambalapitiya emphasized that while several imports have been restricted due to the ongoing economic crisis, only vehicle imports have faced such constraints thus far.
Addressing reporters, Siyambalapitiya revealed that the government has already granted permission for the import of 750 vans and 250 buses, primarily to support the struggling tourism sector. However, he noted that around 1,500 other items remain subject to import restrictions.
“The restrictions on all items except vehicles have been lifted,” Siyambalapitiya stated. “However, the import of vehicles requires careful consideration, and thus, a special committee has been established to assess various aspects related to vehicle imports.”
Elaborating on the committee’s mandate, Siyambalapitiya outlined several key factors under scrutiny, including the necessity of imported vehicles, the potential inclusion of used vehicles, criteria for importing used vehicles (such as the number of years in use), vehicle fuel efficiency, and the capacity of road infrastructure to accommodate increased vehicle numbers.
Siyambalapitiya emphasized that any decision regarding vehicle imports would be made gradually and with careful consideration of the country’s needs, ensuring that such measures do not exacerbate the current economic challenges.
“In allowing vehicle imports, our primary concern is to avoid a recurrence of economic crises while fulfilling the nation’s requirements,” Siyambalapitiya affirmed.
Responding to concerns about the impact of debt servicing on the country’s reserves, Siyambalapitiya reassured the public that the government was actively managing debt obligations through restructuring processes tailored to the country’s economic conditions.
“Debt servicing will not deplete reserves, as suggested by some opposition voices,” Siyambalapitiya clarified. “Through debt restructuring, we are adjusting installment payments to align with the country’s economic capacity, thus avoiding undue strain on our economy.”
Siyambalapitiya’s remarks underscore the government’s commitment to navigating economic challenges while addressing the needs of key sectors such as tourism. The ongoing review of vehicle imports reflects a cautious approach aimed at balancing economic stability with essential developmental requirements.
