June 10, Colombo: State Minister of Finance Shehan Semasinghe says the government lifting the import restrictions on as many as 300 items will send a strong signal that Sri Lanka’s economy is open for business and the country is back on track.

The government has removed quantitative restrictions on imports of 286 HS codes. Accordingly, the import restrictions of more than 300 items including foods, electronics, sanitary equipment and electrical equipment under the HS 286 category have been eased.

State Minister of Finance said the 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,” State Minister of Finance Semasinghe said.